13th Oct 2005 07:01
Huntsworth PLC13 October 2005 13 October 2005 Huntsworth PLC ("Huntsworth" or the "Company") Sale of Huntsworth's marketing services and specialist advertising businesses (the "Marketing Services & Advertising Group") to Media Square PLC ("Media Square") (the "Sale") On 26 September 2005 Huntsworth announced the conditional sale of its MarketingServices & Advertising Group to Media Square for £63 million in cash. Thisremained subject to a number of conditions, primarily Media Square raising thenecessary funds to complete the transaction. Following its institutional fundraising, Media Square has now indicated itsinterest in acquiring the Marketing Services & Advertising Group for a cashconsideration of £55 million. This is within the price range envisaged byHuntsworth when the disposal process started in May 2005. Therefore, the Boardis recommending the revised offer to Huntsworth's shareholders. The Sale remains conditional on approval by both Huntsworth's and Media Square'sshareholders. Circulars will be sent to shareholders today and theExtraordinary General Meetings for both companies to approve the Sale will beheld on 31 October 2005. Commenting on today's announcement, Lord Chadlington, Chief Executive ofHuntsworth, said: "I am delighted that we have agreed the sale of the marketing services &specialist advertising businesses. This represents a major element of thestrategic review, which we undertook following Huntsworth's merger with Incepta.Huntsworth will now be a business focussed on public relations and healthcarecommunications, benefiting from a substantial reduction in debt and a strongerbalance sheet. We are particularly pleased that the marketing services &specialist advertising group has been sold to Media Square, with whom Huntsworthhas such a strong relationship. This will enable us to work together on anumber of shared client interests." PRESS ENQUIRIES Huntsworth 020 7408 2232Lord ChadlingtonRoger Selman Bridgewell 020 7003 3000Andrew Tuckey Citigate Dewe Rogerson 020 7638 9571Patrick Toyne Sewell Bridgewell Securities Limited, which is regulated in the United Kingdom by theFinancial Services Authority, is acting for Huntsworth and no one else inconnection with the Sale and will not be responsible to anyone other thanHuntsworth for providing the protections afforded to clients of BridgewellSecurities Limited or for providing advice in relation to the Sale. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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