Business
Sale of equity stake in DC Storm Ltd
Sale of equity stake in DC Storm Ltd.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 7832L Asia Digital Holdings PLC 05 August 2011 \n \n\n\n\n\n\nPress Release\n\n\n5 August 2011\n\n\n\n\n \nAsia Digital Holdings Plc\n(\"ADH\" or the \"Company\")\n \nSale of equity stake in DC Storm Ltd\n \nAsia Digital Holdings plc (AIM: ADH.L), an independent online marketing group announces that it has completed the sale of its 20.6% shareholding in DC Storm Ltd (\"DCS\"), a web and software development company in which it held a residual stake, to existing shareholders in DCS, pursuant to existing pre-emption rights.\n \nThe total consideration for the sale of the shareholding in DCS, which has been received by the Company, is £200,000 in cash which will provide additional working capital for the Group. \n \nADH acquired its interest in DCS through a series of share subscriptions in 2006 and 2007. ADH's total investment was £231,460. For the year ended 31 December 2010 DCS had revenues of £1.28m (2009: £726,000), a profit after tax of £33,000 (2009: loss of £259,000) and net assets of £601,000.\n \nIn view of historical trading performance of DCS, an impairment review of the investment was carried out by ADH's management in 2009 and as a result the value was written down to Nil. The transaction will, therefore, generate a profit in ADH's accounts (net of £5,500 costs) of £194,500. \n \n- Ends -\n \n \nFor further information, please contact:\n\n\n\n\nAsia Digital Holdings plc\n\n\n\n\n\n\n\nAdrian Moss, Chief Executive \n\n\nwww.adhplc.asia\n\n\n\n\[email protected] \n\n\n \n\n\n\n\n \n\n\n\n\nNorthland Capital Partners Limited\n\n\n\n\n\n\n\nGavin Burnell / Rod Venables\n\n\nTel: +44 (0) 20 7796 8800\n\n\n\n\nKatie Shelton (Corporate Broking)\n\n\nwww.northlandcp.co.uk\n\n\n\n\n \n\n\n\n\nAbchurch Communications\n\n\n\n\n\n\n\nJulian Bosdet / Joanne Shears/ \nOliver Baxendale\n\n\nTel: +44 (0) 20 7398 7720\n\n\n\n\[email protected] \n\n\nwww.abchurch-group.com\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISZZLFBFVFXBBL \n ","length":5818,"tagName":"div"}]