Disposal

2 Feb 2007 08:14

Parkmead Group (The) PLC02 February 2007 The Parkmead Group plc Sale of Yospace Technologies Limited for £5.0 million to EMAP Consumer MediaLimited The Board of The Parkmead Group plc (the "Group" or "Parkmead") is pleased toannounce the sale of its 54% holding in Yospace Technologies Limited ("Yospace")for a total consideration, including repayment of debt and interest, of £5.0million in cash before expenses to EMAP Consumer Media Limited. Yospaceprovides multimedia messaging, personal storage and handset simulation softwareservices to the mobile communications industry. Included within this amount is the repayment of £1.2 million of debt and accruedinterest advanced to Yospace by the Group. The Group's equity investment inYospace amounted to £11,000. For the year to 31 December 2005, Yospace incurred a loss of £0.5 million. Thenet assets of Yospace as at the year ended 31 December 2005 showed a deficitamounting to (£0.9) million. The net assets of Yospace consolidated in theGroup's balance sheet as at the year ended 30 June 2006 amounted to (£1.0)million and the consolidated trading loss of Yospace for the year to 30 June2006 amounted to £0.2 million. Funds arising from the sale will be used to strengthen the Group's balancesheet, to provide investment capital for principal finance opportunities and tofund expansion in the Group's turnaround and corporate finance businesses. Niall Doran, Chief Executive of The Parkmead Group plc said, "This is a further successful step in the rationalisation of Parkmead'sinvestment portfolio as we focus on our core disciplines." Ends For further information: ParkmeadGordon Ashworth 0207 494 3080Niall Doran 0207 494 3080 Madano Partnership 020 7593 4000Matthew Moth This information is provided by RNS The company news service from the London Stock Exchange