3rd Sep 2007 11:53
Interactive World plc03 September 2007 Press Release 3 September 2007 Interactive World plc ("Interactive World" or "the Company") Result of EGM Operational Update Interactive World plc, the mobile content technology company, announces that, atthe Extraordinary General Meeting held today at the offices of Daniel Stewart &Company plc, all of the resolutions proposed to shareholders, as set out in itscircular to shareholders dated 8 August 2007, were duly passed. The resolutions included the approval of the proposed acquisition of the entireissued share capital of Sport Newspapers Limited ("Sport Newspapers"), by way ofa reverse takeover, for a total consideration of approximately £50 million andthe Company's change of name to Sport Media Group plc ("Sport Media" or "theGroup"). The enlarged issued share capital of the Group will be admitted totrading on AIM on 5 September 2007. The enlarged Group will trade under its newname, with the market EPIC of SPMG on Admission. The proposed Board change, whereby Andrew Fickling, Managing Director of SportNewspapers will become Executive Director, will also become effective on 5September 2007. Interactive World expects that its preliminary results for the year ended 31July 2007 will be in line with market expectations. In addition, the Company canalso report that the initial restructuring of The Sport, as detailed in theacquisition announcement dated 8 August 2007, has progressed well with initialpositive feedback received from retailers, advertisers and readers. Andrew Fletcher, Chief Financial Officer of the enlarged Group said: "We areextremely pleased that all the resolutions have been duly passed and that theenlarged Group can commence trading as Sport Media Group plc on 5 September2007. The management of both businesses had jointly approached our commonmajority shareholder with this proposition which makes strategic and commercialsense. Each company is already highly cash generative and profitable. Byintegrating traditional print media with new media content-delivery channels, aswell as other initiatives to refocus the editorial direction of the newspapers,we aim to build on the current customer base - small increases in which can havea significant positive impact to the bottom line of the Group." - Ends - For further information, please contact: Interactive World plcAndrew Fletcher, Chief Financial Officer + 44 (0) 20 8507 6969 www.interactiveworld.com --------------------------- Daniel Stewart & Company plcAlastair Cade / Katie Shelton + 44 (0) 20 7776 6550 www.danielstewart.co.uk ------------------------- Media enquiries:Abchurch CommunicationsChris Lane / Gareth Mead Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com ------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SPMG.L