21st Oct 2005 07:39
SMG PLC21 October 2005 SMG Agrees Disposal of Interests in Hearts SMG plc ("SMG") confirms that it yesterday (20 October 2005) gave an irrevocableundertaking to accept an offer for its 19.9% stake in Heart of Midlothian plc ("Hearts") from Heart of Midlothian 2005 Limited, a company wholly owned by UABUkio Banko Investicine Grupe ("UBIG") at a consideration of 35 pence per share(£0.9m). In a separate transaction, SMG has also entered into a conditional agreementwith UBIG for the sale of SMG's entire holding of convertible loan stock inHearts to UBIG for a consideration of just over £1.8m together with accruedinterest thereon. Completion of the sale and purchase of the loan stock isconditional upon, among other things, UBIG sending an offer document toshareholders of Hearts offering to acquire the issued shares of Hearts which arenot already owned by UBIG or any party acting in concert with it. As a result of these developments and in view of the fact that SMG will nolonger have any financial interests in Hearts, SMG's representative on theHearts board of directors, David Archer, has resigned from this position. 21 October, 2005 Further enquiries: Callum SprengCorporate Affairs Director, SMG plc 0141 300 364007803 970 103 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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