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30 Jan 2009 11:45
Date: 30 January 2009
On behalf of: Media Square plc ("Media Square" or "the Group")
Media Square plc
Asset Disposal
Media Square plc (the "Group") (AIM: MSQ), the international marketing communications group, announces, further to its announcement of 10 December 2008, that the sale of certain assets to IQ Holdings plc ("IQ") has now completed following the completion of all outstanding conditions and the admission of the new IQ shares to trading on AIM.
Pursuant to a variation agreement to the Sale and Purchase Agreement, detailing the final consideration for the transaction, on completion the Group has received £600,000 of cash consideration together with £300,000 of consideration satisfied by issue of 300,000,000 new shares in IQ. Additional deferred consideration of up to £600,000 in cash is receivable by the Group over the period of three years following completion of the Transaction.
The cash portion of the consideration will be applied to reduce the Group's debt. The equity consideration received will be subject to a 12 month lock-in arrangement and will be subject to standard orderly market provisions for a further 12 month period thereafter.
Enquiries to:
|
Media Square plc |
www.mediasquare.co.uk |
|
Roger Parry/Graeme Burns |
020 7535 9950 |
|
Collins Stewart Europe Ltd |
|
|
Mark Connelly/Stewart Wallace |
020 7523 8350 |
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