27th Apr 2005 15:24
For immediate release 27th April 2005 United Business Media plc Sale of SDN shareholding to itv for ‚£35 million The Board of United Business Media plc ("UBM") announces that it has sold itsshareholding in SDN Limited ("SDN") to itv plc ("itv") for a net considerationof approximately ‚£35 million in cash.SDN is a UK digital terrestrial television ("DTT") multiplex operator whichholds the licence from Ofcom to broadcast DTT channels over specifiedband-widths. Its customers include Channel 5, the BBC, QVC, Sit up TV,Teletext, Disney and Turner Classic Movies. SDN had three shareholders: UBM,NTL Broadcast (MUKBL Digital Limited ("MUKBL")) and S4C Digital Media Limited("S4C").UBM's 33% shareholding in SDN was a non-core part of its businesses. Under theprovisions of the SDN Shareholders' Agreement and Articles of Association, UBMand S4C exercised pre-emption rights in relation to MUKBL's shareholding in SDNand subsequently entered into a definitive agreement with itv to sell SDN forapproximately ‚£134 million including net debt assumed of ‚£33 million, subjectto adjustments to reflect SDN's working capital balances and other potentialconsideration adjustments.For the year ended 31 December 2004, UBM's share of SDN's profit was ‚£1.3million. The transaction is expected to have a minimal impact on UBM's earningsper share in 2005.Dresdner Kleinwort Wasserstein acted as financial adviser to UBM and S4C onthis transaction.For further information, please contact:Michael Waring United Business Media 020 7921 5031 Colin Browne The Maitland Consultancy 020 7379 5151 Notes to Editors:United Business Media plc (http://www.unitedbusinessmedia.com) is aleading provider of business information services to the technology,healthcare, media, automotive, financial services and property industries. UBMoffers services in news distribution, market research, publishing and events tocustomers across the globe. Its brands include PR Newswire, the world's leadingcorporate news distribution service and CMP, the B2B media and exhibition groupoperating in high tech, healthcare, property, entertainment, jewellery &fashion in the US, UK, Asia and Europe. This press release includes statements which are not historical facts and areconsidered "forward-looking" within the meaning of Section 27 of the SecuritiesAct of 1933, as amended. These forward-looking statements reflect UBM's currentviews about future events, business and growth strategy and financialperformance. These forward-looking statements are identified by their use ofterms and phrases such as "believe," "expect," "plan," "anticipate," "ontarget" and similar expressions identifying forward-looking statements.Investors should not rely on forward-looking statements because they aresubject to a variety of risks, uncertainties and other factors that could causeactual results to differ materially from UBM's expectations. UBM expressly doesnot undertake any duty to update forward-looking statements. Management doesnot attempt to update forecasts unless conditions materially change.ENDUNITED BUSINESS MEDIA PLCRelated Shares:
UBM