18th Dec 2015 14:52
LONDON (Alliance News) - Electric Word PLC on Friday said it has conditionally agreed to sell its indirect 70% stake in iGaming Business Ltd to Clarion Events Ltd, enabling the specialist media group to consider a return of capital to shareholders.
The sale values the whole of iGB on a cash-free, debt-free basis at GBP19.7 million. The holder of the remaining iGB Shares, Michael Caselli, has also agreed to sell 5.1% of the issued iGB Shares and will retain the remainder.
"I am delighted that we have reached agreement to sell iGB to Clarion at an attractive valuation. iGB has performed exceptionally well in recent years, led by a talented management team and exceptional staff," Chief Executive Julian Turner said in a statement.
Meanwhile, the company said trading for the year ended November 30 has been in line with board expectations. It said it is considering making a capital return to shareholders following iGB sale.
Shares in Electric Word were up 23% at 3.70 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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