Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Wednesday 23 January, 2002

West 175 Media Grp

Proposed Sale

West 175 Media Group Inc
23 January 2002

For Immediate Release                                   23 January 2002

                           West 175 Media Group Inc.

Proposed sale of two non-core New Zealand assets

West 175 Media Group Inc. ('West 175'), the international multimedia group
listed on AIM, announces its strategy to restore value to shareholders. The
Board believes that the present structure and complexity of the West 175 group
prevents the value of the assets within the group from being reflected in the
share price, and is therefore announcing proposals to transform the group
structure and raise cash, including:

•        discussions to conclude the sale of two of the group's interests in New
Zealand, whose cash proceeds will be added to group cash balances; and

•        the intention to float the remaining New Zealand assets in New Zealand.

Discussions have been underway with several parties interested in acquiring two
of West 175's non-core assets. These discussions are well advanced and should
the discussions be successfully concluded the Directors believe that the sales
proceeds should release a substantial cash sum. The Board are also continuing
discussions in New Zealand with a view to progressing the plans for the
flotation of the remaining assets under a new holding company. A further
announcement is expected to be made before 31 March 2002.


West 175 Media Group, Inc                                 Binns & Co PR
John McEwen, Chairman & Chief Executive Officer           Peter Binns
Tel:  020 7478 5160                                       Tel:  020 7786 9600

                      This information is provided by RNS
            The company news service from the London Stock Exchange