29th Nov 2006 07:03
Future PLC29 November 2006 29 November 2006 Future plc Disposal of Future Media Italy S.p.A Future plc ('Future'), the international special-interest media group, todayannounces that it has agreed to dispose of the entire issued share capital ofFuture Media Italy S.p.A ('Future Media Italy') to Sprea Editori S.p.A ('Sprea')and Mr Bernardo Notarangelo, for a cash consideration of Euro 1,100,000, payablein cash upon completion. There are no conditions precedents to completion, whichis expected in early December 2006. Bernardo Notorangelo will continue to act asmanaging director of Future Media Italy. Future Media Italy publishes 13 monthly magazines and employs 89 staff. Revenuefor Future Media Italy for the year ended 30 September 2006 was €19.4 m andEBITAE profits were €0.2m. As at 30 September 2006, the gross assets of FutureMedia Italy were €6.0m. Future has agreed to continue licensing eight of its titles to Future MediaItaly on broadly the same terms as at present. The disposal proceeds will be used to reduce the level of bank debt. Enquiries: Future plcStevie Spring, Chief Executive Tel: 020 7042 4007John Bowman, Group Finance Director: Tel: 020 7042 4031 Hogarth PartnershipJames Longfield/Georgina Briscoe Tel: 020 7357 9477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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