Disposal

Ross Group PLC 14 June 2004 www.ross-group.co.uk Brunel Road Totton Southampton SO40 3YS Phone 02380 675500 Fax 02380 675555 14 June 2004 Ross Group plc Disposal of the Business of Tadmod Ltd Ross Group plc today announces that it has reached agreement for the sale of its battery charger and electrical adaptor business currently being traded by its subsidiary Tadmod Ltd. This will allow the Group to concentrate on the engineering activities operated by GEL Engineering Ltd. An agreement was signed today for the sale of the business to Queenspark Ltd, with a transfer date of 1 May 2004. The deal will include the sale of goodwill, stock, debtors and trade creditors along with the rights to use the brand names Maxamp, Selmar and Bradex. The sale agreement calls for payment for the goodwill on the completion date and payment for the net value of stock and debtors less trade creditors seven days later. The net asset value of the transaction is approximately £185k. The sale qualifies as a 'Transfer of a Going Concern' under the VAT rules. The proceeds from the sale will be used to reduce the group's borrowing requirement. Tadmod contributed just £6k of the Group's profits of £57k for the year ended 31 December 2003. Trading during 2004 has returned a small loss and therefore the Directors consider the disposal will have no significant impact on the group's results and will allow a re-focus of effort on more profitable activities. The disposal of the business is classified as a Class 2 transaction under Chapter 10 of The Listing Rules. The Board of Directors of Tadmod Ltd have approved a resolution to apply to Companies House to re-name the company Sansui Electronics (UK) Ltd. Registered in England No: 131902 Reg Off: 35 Paul Street, London EC2A 4UQ This information is provided by RNS The company news service from the London Stock Exchange

Companies

Ross Group (RGP)
UK 100

Latest directors dealings