Business
Disposal
Disposal.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n Zest Group PLC\n28 January 2008\n\nEmbargoed until 7.30am\n\n\n28 January 2008\n\n\n\n\n\n Zest Group Plc\n ('Zest' or 'the Company')\n\n Proposed Disposal of Greensleeves Records Limited\n\n And\n\n Notice of General Meeting\n\n\n\nZest Group plc announces today that on 25 January 2008 it entered into an\nagreement, conditional, amongst other things, on approval of the Resolution, for\nthe disposal by the Company of the Greensleeves Group to VP Records (UK)\nLimited.\n\n\n\nThe following is extracted from the Circular of the Company which will be posted\nto Shareholders today. The purpose of the Circular is to provide details of the\nProposal, explain why the Zest Board considers the Proposal to be in the best\ninterests of the Company and its Shareholders, to seek the approval of\nShareholders for the Proposal at the General Meeting and to recommend that\nShareholders vote in favour of the Resolution which is necessary to approve and\nto implement the Proposal.\n\n\n\nDefined terms used in this announcement are as set out below.\n\n\n\nIntroduction\n\nThe consideration for the Disposal is £3,100,000 in cash. The Share Sale\nAgreement provides for the payment of the consideration to the Company upon\nCompletion less £100,000, the payment of which is to be deferred, as described\nbelow.\n\n\n\nUnder the AIM Rules, the Disposal is classified as a disposal resulting in a\nfundamental change of business of the Company. The Disposal is, therefore,\nconditional on the consent of Shareholders being given in a general meeting of\nthe Company.\n\n\n\nA General Meeting is being convened for 10.00 a.m. on 13 February 2008 to be\nheld at the offices of Marriott Harrison, Staple Court, 11 Staple Inn Buildings,\nLondon WC1V 7HQ at which the Resolution will be proposed.\n\n\n\nThe Disposal\n\nGreensleeves is an independent record company and music publisher specialising\nin reggae music. Greensleeves is based in Isleworth, Middlesex and also has a\npromotions office in New York (which will be closing at the end of the month).\nGreensleeves operates its business activities in the United States of America\nthrough Greensleeves USA and manages its publishing activities through\nGreensleeves Publishing. Greensleeves has an established presence in a number of\nreggae markets in various countries throughout the world and, in particular, the\nU...