Business
EGM Statement
EGM Statement.
About this update from Character Group Plc
[{"type":"text","content":"\n Character Group PLC\n15 February 2006\n\n\n\nIssued on behalf of The Character Group plc\nDate: Wednesday, 15 February 2006\n IMMEDIATE RELEASE\n\n The Character Group plc\n ('The Group' or 'the Company')\n\n Result of Extraordinary General Meeting ('EGM')\n and Trading Update\n\nThe Directors of The Character Group plc are pleased to announce that, at the\nEGM held today (15 February 2006), shareholders approved the sale of the digital\nproducts division of World Wide Licenses Limited ('WWL') and related assets to\nFlextronics Sales and Marketing (A-P) Limited ('Flextronics').\n\nThe total sale price consists of goodwill of US$16 million and the value of\nstocks and assets less certain liabilities to be assumed by Flextronics that\nwill be determined at the completion of the sale, which is expected to take\nplace on Friday 17 February 2006.\n\nIan Fenn, the Company's Senior Independent Non-Executive Director and Chairman\nof the Meeting, informed shareholders in attendance that:\n\n'Given the quick succession of the EGM today and the AGM next week, the Board\nfelt it appropriate to update shareholders on trading at today's meeting.\n\n'As previously reported, this financial year has started strongly for the Group,\nwith sales in the four months to December 2005 up by 60%, on a like-for-like\nbasis. Whilst this rate of increase may not continue throughout the year, we are\nconfident that revenues in our Toys, Games and Gifts businesses, on a\nlike-for-like basis for the financial year ending August 2006 and the calendar\nyear ending December 2006, will both provide solid growth over the previous\ncorresponding periods.\n\n'Our Toys, Games and Gifts businesses have recently completed marketing at shows\nboth in the UK and internationally and we are delighted to report that we are\nalready experiencing a very solid start to our spring sales, with volumes at\nretail being very positive. This, together with the reception from the UK retail\ntrade and our international distributors to our 2006 ranges, underpins our\noptimism for a solid trading performance to come.\n\n'Within our Toys business, we would expect that the outstanding product ranges\nfor boys will be our robotic products, 'Dr Who', 'Biker Mice from Mars', 'Gr8\nKit Tattoo' (now sold in many overseas territories including the USA) and\n'Superman', and for girls; 'Disne...