3rd Sep 2007 07:00
Euromoney Institutional InvestorPLC03 September 2007 September 3, 2007 EUROMONEY INSTITUTIONAL INVESTOR PLC Euromoney sells Med Ad Inc Euromoney Institutional Investor PLC ("Euromoney") announced today that it hascompleted the sale of its wholly-owned US subsidiary, MedAd Inc ("Med Ad"), toCanon Communications LLC ("Canon"). Canon has paid £6.7 million in cash on completion. A further cash payment willbe made, dependent on the performance of the business to the end of August 31,2007, estimated at £0.5 million. Euromoney expects to recognise an exceptionalgain of £5.1 million on the sale of Med Ad in its results for the year toSeptember 30, 2007. The sale of Med Ad is a class 3 transaction for Euromoneyunder the listing rules. Med Ad had revenues of £4.1 million for the year toSeptember 30, 2006. Med Ad is a leading provider of marketing and clinical research information tomanagers and executives in the pharmaceutical industry. The company publishesthe market-leading magazines for the pharmaceutical marketing sector. The disposal of Med Ad is consistent with Euromoney's strategy of streamliningits portfolio of businesses and focusing on subscription-based electronicpublishing and data businesses. Ends Note to editors: About Euromoney Institutional Investor PLC Euromoney Institutional Investor PLC is listed on the London Stock Exchange andis a member of FTSE 250 share index. It is a leading international business-to-business media group focused primarily on the international finance, metals and commodities sectors. In October 2006 it acquired Metal Bulletin plc for £240million. It publishes more than 70 magazines, newsletters and journals,including Euromoney, Institutional Investor and Metal Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses, and is aleading provider of electronic information and data on international finance,metals and emerging markets. For further information please contact: Colin Jones, Finance DirectorTel: 020 7779 8845; Email: [email protected] Fordham, DirectorTel: 020 7779 8057; Email: [email protected] Dynamics Tel: 020 7831 3113Charles Palmer; Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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