Parkmead Group (The) PLC
02 February 2007
The Parkmead Group plc
Sale of Yospace Technologies Limited for £5.0 million to EMAP Consumer Media
The Board of The Parkmead Group plc (the 'Group' or 'Parkmead') is pleased to
announce the sale of its 54% holding in Yospace Technologies Limited ('Yospace')
for a total consideration, including repayment of debt and interest, of £5.0
million in cash before expenses to EMAP Consumer Media Limited. Yospace
provides multimedia messaging, personal storage and handset simulation software
services to the mobile communications industry.
Included within this amount is the repayment of £1.2 million of debt and accrued
interest advanced to Yospace by the Group. The Group's equity investment in
Yospace amounted to £11,000.
For the year to 31 December 2005, Yospace incurred a loss of £0.5 million. The
net assets of Yospace as at the year ended 31 December 2005 showed a deficit
amounting to (£0.9) million. The net assets of Yospace consolidated in the
Group's balance sheet as at the year ended 30 June 2006 amounted to (£1.0)
million and the consolidated trading loss of Yospace for the year to 30 June
2006 amounted to £0.2 million.
Funds arising from the sale will be used to strengthen the Group's balance
sheet, to provide investment capital for principal finance opportunities and to
fund expansion in the Group's turnaround and corporate finance businesses.
Niall Doran, Chief Executive of The Parkmead Group plc said,
'This is a further successful step in the rationalisation of Parkmead's
investment portfolio as we focus on our core disciplines.'
For further information:
Gordon Ashworth 0207 494 3080
Niall Doran 0207 494 3080
Madano Partnership 020 7593 4000
This information is provided by RNS
The company news service from the London Stock Exchange