21st Feb 2008 07:01
Huntsworth PLC21 February 2008 21 February 2008 Huntsworth plc Disposal of non-core subsidiary CapitalBridge Huntsworth plc ('Huntsworth' or 'the Group'), the international public relationsgroup operating in four principle sectors of corporate, consumer, financial andpublic affairs with a specialist integrated healthcare communications division,today announces the disposal of CapitalBridge1, the Group's shareholderidentification, analytics and investor relations technology business, to Ipreofor a total consideration of $31.1 million (approximately £15.9 million) in cash(the "Disposal"). In its latest reported financial year to 31 December 2006, CapitalBridgegenerated profits before tax of £1.5 million and had gross assets of £13.1million. Huntsworth will apply all of the consideration, after transaction costs, toreduce debt, thereby further increasing the financial flexibility of the Group.The Directors expect the effect of the Disposal to be earnings neutral2. Lord Chadlington, Chief Executive of Huntsworth, said: "CapitalBridge is an excellent business and we are pleased to have been able togive the management team and staff the opportunity to combine their talents andexpertise with an industry leader in the market intelligence and analyticsfield. For Huntsworth, the disposal, at an attractive price, completes our strategy ofdivesting non-core subsidiaries to focus on our international public relationsand healthcare communications businesses." Note 1 The Disposal comprises the business and substantially all of the assets,properties and rights of CapitalBridge Inc. and CapitalBridge Limited, and theentire issued share capital of Citigate Data Consulting Limited andCapitalBridge (Pty) Limited (all together, 'CapitalBridge'). Note 2 This statement regarding earnings does not constitute a profit forecast norshould it be interpreted to mean that earnings per share for the current year orfuture years will necessarily match or exceed the historical published earningsper share of Huntsworth. Notes to Editors CapitalBridge CapitalBridge is a leading global market intelligence, analytics and investorrelations technology firm. CapitalBridge's comprehensive offering includes stocksurveillance, international shareholder identification & analysis, bondholderidentification, perception research, investor targeting services, benchmarkingtools, and online contact management & investor screening. With offices in theUnited States, London, Paris, Vienna, Cape Town and Tokyo, CapitalBridgeprovides these services globally to investor relations professionals, investmentbanks and other third-party intermediaries. Ipreo Ipreo is a leading global provider of high quality data, expert insight, andproductivity solutions to investment banking and corporate clients. Ipreo hasmore than 400 employees and operations in the US, UK, and Hong Kong. Enquiries: HuntsworthPeter Chadlington, Group Chief Executive 020 7408 2232Sally Withey, Group Finance Director 07899 961667 Citigate Dewe Rogerson 020 7638 9571Simon RigbyGeorge CazenoveAngharad Couch This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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