Family Jewels to be sold.27 May 2008 08:27
After entering into an agreement with Devinder Raj Narang, Freeplay Division will be sold to Narang Group India, subject to shareholder approval, for some £7.25Mns (which includes $5mns worth of debt), which is more than the current Market Capital of the group. After the sale the Group will be left with Freeplay Energy plc and Dixie Sales. The idea of this transaction is to deliver up shareholder value.