5th Apr 2005 07:00
5 April 2005 Disposal of Johler Druck St Ives plc announces that it has disposed of the whole of its interest in itsGerman subsidiary, Johler Druck GmbH ("Johler"), to Arques Industries AG, aGerman investment company, for a cash consideration of approximately ¢â€š¬2.2million (approximately ‚£1.5 million). Johler's business is principally thesupply of commercial print to the German market, which no longer forms a partof St Ives' future strategy. The net asset value of Johler at 30 July 2004 was‚£9.4 million and in the financial year ended on that date it made an operatingloss (before interest) of ‚£935,000. In addition to the loss arising on disposalat below net asset value, an amount of ‚£5.9 million will be charged as anexceptional item in respect of goodwill previously written off to reserves andnow required to be written back and written off to the profit and loss account.Miles EmleyChairmanPress enquiries:St Ives plc 020 7928 8844Miles Emley (Chairman)Brian Edwards (Managing Director)Ray Morley (Finance Director)SmithfieldJohn Antcliffe 020 7360 4900ENDST IVES PLCRelated Shares:
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