30th Jan 2006 17:16
Part disposal of shareholding in TMG Holdings Limited and entering into of a Shareholders Agreement The Countrywide plc group ("Group") has today completed a part sale of itsshareholding in TMG Holdings Limited ("TMG") to Halifax Estate Agencies Limited("HEAL") for ‚£3.2m in cash, and entered into a Shareholders Agreement withHEAL, Connells Limited and Rightmove.co.uk Limited, the other shareholders inTMG.TMG provides an electronic transaction and information infrastructure for landand property professionals. TMG's unaudited consolidated management accountsfor the 12 months to 31 December 2005 indicate a profit before tax of ‚£0.1m andgross assets at 31 December 2005 of ‚£2.2m. The Chief Executive Officer of TMGis Mr Steven Foster, and the Chief Operating Officer of TMG is Mr AndrewStrivens.The disposal has no material financial impact on the Group, and the disposalproceeds will be subsumed within the Group's working capital requirements.ENDCOUNTRYWIDE PLCRelated Shares:
CWD.L