04 Jul, 2007 Brightview PLC (BRV) Disposal of Shares in DM plc
Brightview PLC
04 July 2007
Date: Embargoed until 07.00 hrs, Wednesday 4 July 2007
Contact: Charles Fairbairn (Chairman)
David Laurie (Chief Executive)
Brightview
Tel: 020 7665 3000
Corporate Website: www.brightview.com
Alistair Mackinnon-Musson Mark Williams
Nicola Savage Canaccord Adams Limited
Hudson Sandler Nominated Adviser
Tel: 020 7796 4133 Tel: 020 7050 6500
Email: brightview@hspr.com
Brightview plc
Disposal of shares in DM plc
Brightview plc ('Brightview'), a leading UK Internet Service Provider ('ISP'),
announces that its entire interest in DM plc ('DM'), the direct marketing group,
comprising 7,547,170 ordinary shares ('the shares') of 1 pence each, has today
been placed at 13p per share by DM's broker. The net proceeds of the sale are
approximately £840,000.
On 9 October 2006, Brightview announced the sale to DM of its Home Gaming
business, comprising its wholly-owned subsidiaries, The Winners Club Limited and
TPC Telecoms Limited (together 'The Winners Club'). The consideration consisted
of an initial payment, satisfied by the issue to Brightview of 7,547,170 new
ordinary DM shares; and a deferred consideration (the 'earn-out') based on the
profit before tax of The Winners Club as reported for the three years ended 31
December 2009.
In consideration for the early release of the shares in DM from a lock-in
agreement with DM which prohibited their disposal for the 18 months following
the acquisition, Brightview has agreed to release DM from the earn-out
obligation.
The net proceeds of the sale will be applied to general working capital in
support of the development of Brightview's broadband business.
Brightview will release a trading update on 9 July 2007.
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