19th Jun 2015 12:31
LONDON (Alliance News) - Electric Word PLC said Friday it has sold the trade and some assets of its subsidiary Radcliffe Publishing Ltd to Informa UK Ltd For GBP1 million.
The consideration excludes a GBP43,061 adjustment for deferred revenue on completion; GBP856,939 is payable on completion, with a further GBP100,000 due a year after completion.
Electric Word will use the proceeds for general working capital and to fund its investment plans in other areas of the business.
Radcliffe Publishing made a pretax loss of GBP325,764 in the year to end-November, on revenue of GBP1.2 million.
Shares in Electric Word are untraded Friday. It last closed at 3.62 pence last Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
InformaELE.L