9th Sep 2005 18:15
Air Music & Media Group PLC09 September 2005 Air Music & Media Group plc ("Air Music" or "the Company" or "the Group") Hollywood DVD Limited The Board of Air Music announces today that it has ceased to provide funding toone of its UK subsidiaries, Hollywood DVD Limited, and have appointedadministrators to manage an exit from that business. This follows as part of thestrategic review announced in July this year and the decision to exit thebusiness reflects the continuing poor performance in its budget DVD business.Hollywood DVD Limited had net assets of £0.1 million at 31 March 2005. The Group results for the year ended 31 March 2005 reflected a £2.1 millionimpairment charge in respect of the goodwill arising on acquisition of HollywoodDVD Limited. The audited financial statements for the year ended 31 March 2005and the auditors' report thereon were finalised before the decision to exit thebusiness was taken. The half year Group results to 30 September 2005 areexpected to reflect a charge of £0.3 million both in the form of trading lossesand the remaining investment value write off. The Board announced on Tuesday 6 September 2005 that it had taken measures torefocus the Group's DVD activities through the acquisition of MaximumEntertainment Limited, which owns the exclusive licence to duplicate anddistribute certain Jetix titles in the UK, Channel Irelands and Eire, includingsuch well known children's brands as Transformers, Care Bears, Ninja Turtles andAction Man. Enquiries: Air Music and Media Group plc www.airmusicandmedia.comJohn French, Chairman 078 3672 2482 Seymour Pierce 020 7107 8000Mark Percy / Ewan Leggat This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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