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Kingsbridge Hldgs (PNC)

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Wednesday 29 October, 2003

Kingsbridge Hldgs

Sale of Business and Assets

Kingsbridge Holdings PLC
29 October 2003



PRESS RELEASE

29 October 2003


Kingsbridge Holdings plc
Sale of Business and Assets



Introduction

The Board of Kingsbridge Holdings plc ('Kingsbridge' or 'the Company') announces
that the Company has entered into a contract to sell the business carried on by
its wholly owned subsidiary, Kingsbridge Advisors Limited ('Kingsbridge Advisors
'), and certain other assets, to City Gate Argyll Limited ('City Gate Argyll').



Background

The Company has previously announced its intention to become a quoted 'shell'
and on 26 September 2003 announced the disposal of Benson McGarvey Limited and
its subsidiary Shakeit Limited, to pursue this strategy.



Disposal of Kingsbridge Advisors

The Company has today entered into a contract to sell the business of
independent financial consultants and advisors carried on by Kingsbridge
Advisors and the premises that the advisors occupy (together 'the Business and
Assets') to City Gate Argyll.



The consideration, to be satisfied in cash, for the Business and Assets under
the business purchase agreement, is as follows:



  • In the first twelve months following completion of the transaction,
    Kingsbridge Advisors will receive one-third of net commissions received by
    City Gate Argyll and £140,000 for the premises.
  • In the subsequent twelve-month period following completion of the
    transaction, Kingsbridge Advisors will receive one-half of net commissions
    received by City Gate Argyll.



During the eleven months ended 31 July 2003, according to Kingsbridge Advisors
management accounts, the Company made an aggregate operating loss of £1,687 and
had net assets as at that date of £166,000.  For the same period, the new
commissions were £550,000.



Following the disposal, Kingsbridge's business will be that of a quoted shell.
The net proceeds of the disposal will be used to augment the Company's cash
balances.  As previously announced, the Board is considering various proposals
to produce shareholder value and continues to pursue actively a number of these
opportunities.



                                     -ends-







This press announcement has been issued by Insinger de Beaufort on behalf of
Kingsbridge Holdings plc

Insinger de Beaufort is a subsidiary of Bank Insinger de Beaufort.  Authorised
and regulated by the Financial Services Authority

Registered in England and Wales No. 2582230


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