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24 Nov 2009 11:24
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cScape GroupΒ plc ("the Company")
Disposal of ITMΒ Graphics Limited and ITM Publishing Services Limited (together the "ITM Group")
cScape Group plcΒ (AIM:CSC) announces that,Β onΒ 23Β NovemberΒ 2009,Β the CompanyΒ disposed of its wholly owned subsidiaries, ITMΒ Group,Β to the existing management teamΒ of ITM Group,Β for a maximum cash consideration of Β£150,000. The consideration comprises an initial cash payment of Β£25,000 andΒ deferred payments, in aggregate,Β of Β£125,000Β over a period of six yearsΒ (subject to certain conditions).
The principal activity of ITMΒ GroupΒ is computer typesetting, pre-press services and management services.
For theΒ yearΒ ended 30Β JuneΒ 2009, ITMΒ Graphics LimitedΒ made a profitΒ beforeΒ taxΒ of Β£5,802Β on turnover of Β£1,910,708. As at 30Β JuneΒ 2009,Β ITM Graphics Limited had net assets of Β£145,522. For theΒ yearΒ ended 30Β JuneΒ 2009, ITMΒ Publishing Services LimitedΒ made aΒ loss before taxΒ of Β£61,032Β on turnover of Β£1,150,511. As at 30Β JuneΒ 2009,Β ITMΒ Publishing ServicesΒ Limited had net liabilities of Β£61,031.
The directors believeΒ thatΒ the disposal of the ITMΒ GroupΒ will allowΒ cScapeΒ to focus on the remaining subsidiaries within the groupΒ andΒ releaseΒ additionalΒ working capital.Β
TheΒ disposal, as set out above, isΒ considered to be a related party transaction under the AIM Rules for Companies.Β Β The directors ofΒ cScapeΒ consider, having consulted with the Company's nominated adviser, that the terms of theΒ Disposal of ITM GroupΒ are fair and reasonable insofar as the Company's shareholders are concerned.
24Β NovemberΒ 2009
For further information, please contact:
Smith & Williamson Corporate Finance Limited Tel: 020 7131 4000
Azhic Basirov / Charles Combe
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