West 175 Media Group Inc
10 July 2002
For Immediate Release 10th July 2002
WEST 175 MEDIA GROUP INC.
Disposal of loss-making assets in New Zealand
West 175 Media Group Inc ('West 175' or 'the Company'), announces that it has
completed the sale of the assets of two of its three television stations in New
Zealand and completed the sale of Ninox 175 Limited. The effect of the three
sales is to substantially reduce the cash burn in New Zealand with immediate
The two television stations, which were loss-making, are Christchurch Television
Limited (in Christchurch) and Mercury Television Limited (in Invercargill). The
assets of Christchurch Television Limited have been sold to New Zealand Media
Group Limited and the assets of Mercury Television Limited sold to its
management. The radio station, Canterbury on Air, was closed with effect from
31st May 2002.
The Company has also completed the sale to John McEwen, the former chairman, of
the entire issued share capital of Ninox 175 Limited and its two subsidiaries
for a nominal consideration. Ninox 175 Limited is a loss-making film production
company. The sale to John McEwen was agreed as part of his severance package, in
consideration of his agreeing to refund the liabilities incurred by Ninox in
June. The sale is effective from 30th June 2002.
In New Zealand, West 175 continues to own interests in Actrix Networks Limited
(an internet service provider) and Connections Incorporated Limited (a digital
network telecommunications company); Central Park Interactive Limited and
Centurion GSM Limited, trading as Digital Mobile (both retailers) and two
smaller companies. The Board continues to consider options to either dispose or
develop the existing businesses operated in New Zealand.
A circular has today been despatched to shareholders to convene a general
meeting at which a resolution to increase the authorised share capital to
will be proposed, amongst other resolutions. Copies of the circular are
available free of charge at the offices of West 175 Media Group Inc., 19 High
Street, Thames Ditton, Surrey KT7 0SD.
For further information, please contact:
West 175 Media Group Inc. Binns & Co. P R Ltd.
Charles Sebag-Montefiore, Paul McManus
Tel: 020 7355 1200 Tel: 020 7786 9600
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