3rd Sep 2008 11:13
MILESTONE DISPOSES OF THE FLEX
AIM listed Milestone Group PLC ("Milestone" or "the Company") announces it has disposed of its 80 per cent shareholding in The Flex (International) Limited ("The Flex").
The Company acquired its holding in The Flex in January 2008 for a nominal consideration of £100. In its Annual Report, published 31 March 2008, the Board announced it had placed development of The Flex on hold whilst it reviewed its business plan and prospects. The Board today transferred the Company's holding in The Flex to Evina Koroni for £100. Evina Koroni is an existing minority shareholder in The Flex and a consultant to Milestone. There will be no significant loss or write-offs on disposal and no ongoing warranty liabilities.
Milestone Chairman, John Sanderson, stated:
"The Board is in the advanced stages of preparing a new business plan for the Company based on a digital media proposition. In addition, the Board is reviewing potential opportunities to develop the Company's Oxford-based television unit. The Board considered The Flex was non-core to these plans and the best interests of Shareholders would now be served by pursuing new opportunities."
For further information:
Milestone Group PLC
Deborah White, CEO 020 7648 1043
Arden Partners plc
Richard Day 020 7398 1632
Related Shares:
CTEA.L