CTEA.L Regulatory News (CTEA)

11 Sep 2006 15:48

Milestone Group PLC11 September 2006 For Immediate Release 11 September 2006 Milestone Group PLC EGM STATEMENT / DISPOSAL AIM listed Milestone Group PLC ("Milestone" or "the Company") announces theapproval by Shareholders of the two ordinary resolutions (the "Resolutions")proposed at the Extraordinary General Meeting ("EGM") of the Company held thismorning. Over 99 per cent. of the qualifying Shareholder votes received by proxywere cast in favour of the Resolutions or at the Chairman's discretion. Following the passing of the Resolutions, Milestone has now completed thedisposal of its wholly owned Property Weekly Business to Tindle NewspapersLimited for a consideration of £1.4 million, payment for which has been receivedin full. The full terms of the disposal are as per the announcement made to theLondon Stock Exchange by the Company on 29 August 2006. In line with thisannouncement, Milestone confirms it is on course to complete the sale of thewhole of the remainder of its publishing division on or around 15 September2006. Following the EGM, Andy Craig, Chief Executive, commented: "The Board is delighted to have successfully completed the disposal of theProperty Weekly Business for £1.4 million, almost £0.4 million more than hadoriginally been offered for the whole of Milestone's publishing division. Thisimproved price reflects the Board's unstinting commitment to achieving maximumvalue, and follows the Company's successful expansion into new territory withthe launch of Newbury Property Weekly and new on-line property portals earlierthis year. "Following the disposal of Milestone's publishing division, the Company willcontinue to operate its television division and will hold significant cashreserves. The Board will seek to complete its ongoing review of future strategyover the coming weeks, continuing to explore all opportunities to ensure thebest interests of Shareholders are served, including evaluating potentialopportunities to realise the value of the Company's local television holdingsand AIM listing." For further information Milestone Tel: 01235 547 800Andy Craig / Daniel Cass Arden Partners Tel: 020 7398 1632Richard Day Buchanan Communications Tel: 020 7466 5000Bobby Morse/Suzanne Brocks This information is provided by RNS The company news service from the London Stock Exchange