29th Feb 2016 15:53
LONDON (Alliance News) - UTV Media PLC on Monday said it has changed its name to WIRELESS GROUP PLC following the sale of its television business UTV Television to ITV Broadcasting Ltd.
The company reiterated that it expects to receive net cash proceeds of around GBP98 million from the sale of UTV Television, which comprises UTV Ltd and its subsidiary UTV Ireland Ltd.
GBP55 million in cash will also be returned to shareholders in two stages. GBP50.8 million will be returned through the issue and redemption of a new class of redeemable B shares, while GBP4.2 million will be returned via a special dividend in July.
Shares in UTV were trading down 2.8% at 174.75 pence on Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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