Disposal

29 Mar 2007 18:08

Catalyst Media Group PLC29 March 2007 Catalyst Media Group Plc ("Catalyst" or "the Company") Disposal of 1.67 per cent. interest in Satellite Information Services (Holdings) Limited ("SIS") The Directors of Catalyst are pleased to announce the disposal of 1.67 per cent. of the Company's 22.2% per cent stake in SIS to Fred Done of BetFred bookmakers. As announced by the Company on 12 March 2007, the SIS board and its five principal shareholders agreed to offer to Fred Done of BetFred bookmakers a shareholding in SIS and as such agreed in principle to sell 7.5 per cent. of SIS to Fred Done pro rata to their current shareholdings. On that basis, the Company entered into a (non-binding) agreement in principle with Fred Done that it would sell shares representing 1.67 per cent. of SIS's issued share capital to Fred Done for the sum of £1.9 million in cash. On 29 March 2007, the Company completed this disposal. As such, Catalyst now owns a 20.51 per cent. interest in SIS subject to certain ongoing rights held by Investec Bank (UK) Limited pursuant to its warrant as stated in the prospectus dated 12 March 2007. The Company intends to hold this stake for the foreseeable future in view of the anticipated growth in SIS and in anticipation of regular dividends being paid. The proceeds from this sale will be applied to reduce the existing facility that the Company has with Investec Bank (UK) Limited. Enquiries: Catalyst Media Group plcMichael RosenbergTel: (020) 7927 6699 Strand PartnersJames Harris/Angela PeaceTel: 020 7409 3494 This information is provided by RNS The company news service from the London Stock Exchange