EDL.L Regulatory News (EDL)

28 Feb 2007 18:16

TV Commerce Holdings PLC28 February 2007 TV Commerce Holdings PLC ("TV Commerce" or the "Company") Closure of TV Commerce Ltd Further to the announcement on 24 November 2006, the Board has concluded thatchanges in the regulatory regime in which the Company's trading subsidiary, TVCommerce Ltd, operates are unlikely to ease in the foreseeable future. In view of this, the Board has decided that it is in Shareholders' bestinterests to close the operation of TV Commerce Ltd with effect from today andto repay any surplus cash to the Company. Accordingly, an initial repayment ofan amount of £350,000 was completed on 14th February 2007 and any further cash,after allowance for the cost of closure, will be similarly repaid by the end ofApril 2007. Following the closure of the business of TV Commerce Ltd, both Chelsey Baker andDean Wright will resign from the board and the Board would like to thank themfor their contribution to the company since its flotation in February 2005. Andrew Mintern and Vince Stanzione will remain as directors of the Company tofinalise and oversee plans to return any cash retained by the Company toshareholders as soon as practicable. The Board anticipates that it will be in a position to update Shareholders onprogress in this regard by the time of the publication of the Group's annualreport and financial statement for the year ended 31 December 2006, in April2007. For further enquiries Vince Stanzione 019 0833 0747TV Commerce Holdings Plc John De Pasquale 020 7107 8000Seymour Pierce Alan Piper 020 7436 7486First City Financial Ltd This information is provided by RNS The company news service from the London Stock Exchange