Business
Completion of Sale
Completion of Sale.
About this update from Character Group Plc
[{"type":"text","content":"\n Character Group PLC\n17 February 2006\n\n\n\n\nIssued on behalf of The Character Group plc\nDate: Friday, 17 February 2006\n IMMEDIATE RELEASE\n\n\n The Character Group plc\n ('The Group' or 'the Company')\n Completion of the Sale of the Group's Digital Business\n\nThe Directors of The Character Group plc are pleased to announce that completion\nhas taken place today of the sale of the digital products division of World Wide\nLicenses Limited ('WWL') and related assets (the 'Digital Business') to\nFlextronics Sales and Marketing (A-P) Limited ('Flextronics').\n\nThe total sale price is payable by Flextronics is approximately US$17.98 million\nwhich comprises goodwill of US$16 million and approximately US$1.98 million\nrelating to the value of stocks and assets. The sum of approximately US$1.8\nmillion has been retained by Flextronics until the first anniversary of\ncompletion as security in respect of any warranty or indemnity claims against\nWWL.\n\nThe Group will continue to have a presence in Hong Kong, which, together with\nits new facilities in Shenzhen, China, will enable the Group to continue the\ngrowth of its Toys, Games and Gifts businesses in addition to managing the Hong\nKong and Chinese logistics for the overall Group.\n\nRichard King, Executive Chairman of The Character Group, commented:\n\n'We believe that the sale of the Digital Business will allow the Company to\nfocus entirely upon the development of its Toys, Games and Gifts businesses and\nthat Flextronics is uniquely placed to develop the Digital Business to a far\nhigher level than the Group could have achieved in the same timescale.'\n\n'The Board would like to put on record its thanks to Giovanni Tomaselli (the\nout-going Managing Director of WWL) and the rest of the Digital team in Hong\nKong and China for their hard work over the past years and we wish them well for\nthe future.'\n\nEditors Note: WWL is based in Hong Kong and until completion of the sale of the\nDigital Business was engaged in the design, development and manufacture of\ndigital products, which principally consist of digital cameras. WWL entered the\ndigital camera market in June 2000 and, until completion of the sale, was a\nsignificant supplier in this sector, with its total shipment to the date of\ncompletion of well in excess of two million digital cameras worldwide. In the\nfina...