2 Mar 2016 07:00
2 March 2016
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Disposal of Go Entertainment
LiteBulb (AIM: LBB), the branded product developer, announces that it has completed the sale of the entire share capital of Go Entertainment Group Limited ("Go Entertainment") and its subsidiaries for consideration of £1 (the "Consideration") to Eclipse Media Limited. Eclipse Media Limited is controlled by members of the senior management team of Go Entertainment.
Go Entertainment develops and manufactures consumer products focusing on DVDs, books, magazines and other gift products. LiteBulb acquired Go Entertainment in April 2014 but since that time the division has suffered a significant decline in its core markets which has resulted in a shortfall in its expected contribution to the Company. In the year ended 31 December 2015, Go Entertainment generated unaudited revenues of approximately £5.5 million and a loss before tax of approximately £1.7 million. As at 31 December 2015 Go Entertainment had unaudited gross assets of approximately £3.2 million and indebtedness of approximately £447,000.
As announced on 22 February 2016, Litebulb remains in active discussions to secure additional financing of approximately £2.0 million through an equity fundraising alongside the associated restructuring of its indebtedness. The Board notes that the Company's current cash position remains tight.
For further information, please contact:
LiteBulb Group Limited | www.litebulbgroup.com | |
Howard Partington, Interim Chief Executive | Tel: 020 3384 7100 | |
Guy Pettigrew, Group Finance Director | ||
finnCap (NOMAD & Broker) | Tel: 020 7220 0500 | |
Stuart Andrews / Adrian Hargrave / Scott Mathieson (Corporate Finance) | ||
Joanna Scott (Corporate Broking) | ||
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Walbrook PR Limited | Tel: 020 7933 8780 or litebulb@walbrookpr.com | |
Paul McManus / Sam Allen | Mob: 07980 541 893 / Mob: 07884 664 686 | |
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: Tesco, M&S, John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next, Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.