3 Mar 2009 08:02
UBC Media Group plc
("UBC" or the "Company")
Completion of Sale of Commercial Division
UBC, the supplier of audio content and broadcast data software to the radio industry, is pleased to announce that, following the General Meeting held on 23 February 2009, the sale to Global Traffic Network Inc. ("GTN") of the Company's Commercial Division (the "Sale") for £9m cash plus earn-out provisions as detailed in its announcement on 2 February, was completed yesterday evening.
The Company will today receive the proceeds of the Sale and, as previously announced, John Quinn, Chief Operating Officer, will move across to GTN UK along with the staff of the Commercial Division. John Quinn has therefore resigned from the UBC Board with immediate effect.
Simon Cole, Chief Executive, commented:
"This is a very significant day for all of us at UBC. I'd like to pay tribute to the work done by the entire Commercial team, under the leadership of John Quinn, in creating an asset which we have been able to sell at a premium due to its market leading position. That position has been hard earned and I wish every member of our team well as they start a new chapter as part of Global Traffic Network. John Quinn has been with us for 13 years and served on the Board for most of that time; his many qualities will be very much missed across the group.
At UBC we will now consider very carefully our next steps. We do so with a strong cash balance at a time of great opportunity."
Ends
Enquiries
Simon Cole, CEO, UBC Media Group plc Tel: 020 7453 1681
Mark Percy or Sarah Jacobs, Seymour Pierce Limited Tel: 020 7107 8000
Notes to Editors
About UBC Media Group
UBC is quoted on the London Stock Exchange's AIM market. UBC is the market leader in the supply of audio content to the radio industry in the UK. Through its two production companies, Unique and Smooth Operations, the Group is the largest independent producer of radio programming for the BBC and is also a supplier of commissioned programming and entertainment news to commercial radio. It supplies software to the digital radio industry both in the UK and USA and is part of the MXR Digital Radio Multiplex consortium.
For more information, visit the Company's website at www.ubcmedia.com.
About Global Traffic Network Inc.
Global Traffic Network, Inc. (Nasdaq: GNET) is a leading provider of custom traffic and news reports to radio and television stations outside the U.S. The Company operates the largest traffic and news network in Australia, operates traffic networks in eight Canadian markets and has recently commenced operations in the United Kingdom. In exchange for providing custom traffic and news reports, television and radio stations provide Global Traffic Network with commercial airtime inventory that the Company sells to advertisers. As a result, radio and television stations incur no out-of-pocket costs when contracting to use Global Traffic Network's services.
For more information, visit Global Traffic Network, Inc.'s website at www.globaltrafficnetwork.com.