Business
Cessation of business
Cessation of business.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n RNS Number : 1649Y CSS Stellar PLC 17 December 2010 \n \n\n \nCSS Stellar plc\n(\"CSS\" or the \"Company\")\nCessation of Motorsports client business\nIntroduction\nCSS Stellar plc, the entertainment and sports management company, today announces that it has entered into arrangements with GP Sports Holdings Limited (\"GPSH\"), a company wholly-owned by Julian Jakobi, the Company's Executive Chairman, and Adrian Sussmann, a consultant to the Company, whereby the Company will cease to undertake its Motorsports client business (the \"Arrangements\"). As part of the Arrangements, the Company has agreed to terminate Julian Jakobi's consultancy and/or executive arrangements and to waive the non-compete clause and the 12 months notice period. Julian Jakobi will become the Company's non-executive Chairman. Adrian Sussmann will have no ongoing role with the Company.\nFinancial information on the Motorsports client business \nThe revenues of the Motorsports business consists mainly of commissions earned through client representation. The following table summarises the revenues and operating results of the Motorsports business for the periods stated:-\n\n\n\n\n\n\n\nSix months to 30 June 2010\n\n\nSix months to 30 June 2009\n\n\n12 months to 31 December 2009\n\n\n\n\nRevenues\n\n\n 479,000\n\n\n 497,000\n\n\n 1,095,000\n\n\n\n\nOperating profit/(loss)\n\n\n 27,000\n\n\n 89,000\n\n\n &nbs...