MGP.L Regulatory News (MGP)

12 Jun 2007 07:01

Mercury Group PLC12 June 2007 12 June 2007 Mercury Group plc ("Mercury" or the "Company") Disposal of Telco Solutions Limited Mercury announces that it has sold the entire issued share capital of TelcoSolutions Limited ("Telco") for a cash consideration of £85.000, payable in 10equal monthly instalments of £8,500, commencing on 1 July 2007. Telco, theprincipal activity of which is acting as a building and property consultant,incurred an unaudited loss of £170,855 on turnover of £455,233 in the year ended30 September 2006 and at that date had an unaudited deficit of net assets of£199,602. For the past two years Telco has been a cash drain on Mercury'sresources and the sale will enable the Company to concentrate its cash resourceson developing its core business, SMPA, the commercial property consultancy andestate agency. The proceeds of the sale of Telco will be used for workingcapital generally. Further enquiries: Mercury Group PlcAndrew Lovelady Tel: 020 7393 4000 John East & Partners Limited Tel: 020 7628 2200David Worlidge/John East info@johneastpartners.com This information is provided by RNS The company news service from the London Stock Exchange