JNY.L Regulatory News (JNY)

18 Nov 2005 16:11

Watermark Group PLC18 November 2005 For immediate release Watermark Group plc ("Watermark") Deferred share consideration sale Watermark announces today, 18 November 2005, that as a result of Institutionaldemand, Media on the Move Holdings Limited, the vendor of Media on the MoveLimited ("the Vendor"), a company acquired by Watermark Group plc in July 2003,has sold 1,302,084 Ordinary Shares of 1 pence each in Watermark Group plc("Ordinary Shares") at 125p each, against a market spread of 120p-124p at thetime of the transaction. These shares were originally issued to the Vendor in two tranches of 651,042Ordinary Shares, the first on 14 July 2004, and the second on 17 May 2005. Thesewere in respect of deferred share consideration for the years ended 31 December2003 and 2004, following its achievement in full of its earn out profit targetsfor those years, having now also met its profit target for the year ended 31December 2005. The Max Ostro Children's Trust ("the Trust") owns a controlling interest in theVendor, and the sale proceeds will be held by the Trust for the benefit of thediscretionary beneficiaries. This transaction is in line with the Trust's policyof widening its investment portfolio as much as it is able. As a discretionarytrust, the trustees have complete discretion over any potential distributions.Maurice Ostro, a director of Watermark is just one of the potentialbeneficiaries of the Trust. For further information please contact: Crispin Quail, Finance Director Claire MellyWatermark Group plc Tavistock CommunicationsTel: 020 8606 1300 Tel: 020 7920 3150email: crispinq@watermark.co.uk email:cmelly@tavistock.co.uk This information is provided by RNS The company news service from the London Stock Exchange