Last checked at 5 Aug 2010 07:00
| Press Release | 5 August 2010 |
Asia Digital Holdings plc
("Asia Digital" or "the Group")
ADH secures assets of its former subsidiary Deal Group Media (UK) Ltd
Asia Digital Holdings plc (AIM: ADH.L), the independent digital marketing group, today announces that following the recent administration of its former subsidiary Deal Group Media (UK) ("DGM UK") Ltd, it has secured assets from DGM UK's administrators which are essential for the running of its performance advertising business. ADH continues to operate its core operation, the DGM business, in Australia, New Zealand and Asia, focusing on key online direct marketing strategies.
ADH, the original owners of DGM UK, sold a controlling stake to a management buyout team in 2007 and since that time the UK operation has provided technology services to Group.
ADH had a residual holding of 49% in DGM UK making it an associated undertaking however the value of this holding was written off in the 2008 accounts due to its financial performance. ADH has no exposure to the outstanding debts of DGM UK.
Adrian Moss, founder of Asia Digital, said: "We are pleased to confirm that, following the demise of our former subsidiary, DGM UK, we have secured the assets enabling interruption-free supply of the key digital marketing technology to our operations."
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For further information, please contact:
| Asia Digital Holdings plc |
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| Adrian Moss, Chief Executive | Tel: 00 65 6508 9202 |
| www.adhplc.asia |
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| Astaire Securities Plc |
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| Gavin Burnell / Toby Gibbs | Tel: +44 (0) 20 7492 4750 |
| Katie Shelton (Corporate Broking) | www.astairesecurities.co.uk |
| Abchurch Communications |
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| Heather Salmond / Claire Dickinson | Tel: +44 (0) 20 7398 7718 |
| claire.dickinson@abchurch-group.com | www.abchurch-group.com |
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