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23 Jul 2009 07:00
Disposal of INM's interest in Cashcade Ltd
Dublin/London - 23 July, 2009: Independent News & Media PLC ("INM" or "the Company") announces that it has disposed of its 18.07% interest in Cashcade Ltd ("Cashcade") to Partygaming Plc for an aggregate cash consideration of approximately €15.3 million, net of costs. INM may also, subject to certain earnings targets being met, receive incremental proceeds in 2010 and 2011.
This sale continues the Company's stated deleveraging strategy, with proceeds being retained pending resolution of the ongoing restructuring discussions and in accordance with the terms of the prevailing standstill agreement.
Cashcade runs a portfolio of successful bingo brands, including Foxy Bingo, Think Bingo and the pioneering free to play site Cheeky Bingo. Cashcade had gross assets of Stg£21.7million as at 31 December 2008 and reported profits of Stg£7.5 million in the year to 31 December 2008.
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