5th May 2005 08:55
5thMay 2005 Daily Mail and General Trust plc (`DMGT') Sale of California Market Center dmg world media, the exhibitions division of DMGT, has announced the sale ofthe California Market Center to Jamison Properties Inc. The California MarketCenter is the leading permanent apparel and gift mart in Los Angeles, in whichdmg world media owned a 20% shareholding.The total sale price was US$130 million. After repayment of all loans, dmgworld media's proceeds were US$17.2 million (‚£9.1 million), generating anexceptional profit in the region of ‚£4 million. As part of the arrangements alldmg world media's contingent liabilities, in respect of the US$82 million loanand the US$6.5 million letter of credit, have now fallen away.Enquiries to:Mark Alcock, Deputy CEO, dmg world media 001 415 461 1172Peter Williams, Finance Director, DMGT 020 7938 6631 Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594ENDDAILY MAIL & GENERAL TRUST PLCRelated Shares:
DMGT.L