NPA - termination of recognition
23 March 2011
Adventis Group Plc ("Adventis" or the "Group")
Newspaper Publishers Association ("NPA") Termination of recognition
On March 22 2011 a notice dated 21 March 2011 was served on the Group by the NPA advising of the termination of NPA recognition for the Group's media companies, Adventis Coltman Limited and Adgenda Media Limited (the "Adventis media companies"), due to concern regarding the financial performance of the Group.
The consequences of the withdrawal of recognition would be the loss of the 15 per cent discount and 30 days' credit offered by publishers to media buying agencies. The Adventis media companies accounted for 21 per cent. of the Group's unaudited revenue in the six months ended 30 June 2010, the most recent period for which financial information for the Group has been published.
The Group has been given 30 days in which to appeal against this decision and steps have been taken to lodge such an appeal.
In addition to the appeal, the Board is also considering the immediate sale of the Adventis media companies to another NPA recognised media agency. Further to a meeting held with the NPA on March 22 2011, the NPA has indicated that the notice will be immediately withdrawn on presentation of signed Heads of Terms of a sale of the Adventis media companies to another NPA recognised agency.
The Group will keep shareholders informed of any developments.
Enquiries:
Adventis Group Plc
Charles Phillpot, CEO Tel: 01494 731608
Arbuthnot Securities Limited
Tom Griffiths Tel: 020 7012 2000
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This information is provided by RNS