11th Dec 2006 11:04
Inmarsat PLC11 December 2006 Inmarsat plc: disposal of subsidiary London. UK: 11 December 2006. Inmarsat plc announces an agreement to sell awholly-owned subsidiary company and to settle an associated creditor. Thecombined transaction is not expected to result in a significant change to theassets or indebtedness of the company. Under the terms of the agreement, Inmarsat will sell 100% of its interest inBurses Limited to ING Bank N.V., London Branch. At closing on 11 December 2006,Inmarsat will receive consideration in cash of £106.3 million. Immediately priorto the sale, the sole asset of Burses Limited was an intra-group receivable of£111.9 million. Inmarsat expects to make a payment of £111.9 million to settle the creditorwithin five days of closing. Inmarsat will use the consideration received fromthe disposal of the subsidiary together with existing cash resources to meet thepayment. The contribution to Inmarsat plc's consolidated profit before tax attributableto the assets of Burses Limited was $nil in 2005 and is expected to be $nil in2006. Inmarsat does not expect the transaction to have an adverse impact onprofits. Contact Information: Simon Ailes Tel: +44 (0)20 7728 1518 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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