Business
Disposal of Non-Core Assets
Disposal of Non-Core Assets.
About this update from Wilmington Plc
[{"type":"text","content":"\n Wilmington Group Plc\n15 August 2007\n\nFor immediate release 15 August 2007\n\n Wilmington Group plc\n\n Disposal of Non-Core Assets\n\nFurther to our announcement of 6th June 2007 the Board of Wilmington Group plc\n('Wilmington' or 'the Group') is pleased to announce the successful completion\nof the sale of its non-core businesses in its Design, Construction, Power,\nCatering, Automotive and Specialist markets. The purchaser, Progressive Media\nPublications Ltd, has acquired the entire issued share capital of Wilmington\nMedia Limited ('WML') and Dewberry Redpoint Limited ('DRL') for a total cash\nconsideration of £12 million on a debt-free, cash-free basis, subject to certain\nnet asset adjustments at completion, thereby reducing Wilmington's borrowings.\nIn the year to 30th June 2006, the businesses had combined revenues of £19.8m\nand operating profit before amortisation of intangible assets of £1.2m. At 30th\nJune 2006, the businesses had gross assets of £7.9m.\n\nWilmington Chief Executive, Charles Brady, commented:\n\n'Our focus will now be on the development of training and information businesses \nin professional markets. Wilmington is confident it will significantly improve \nthe revenues and the performance of the Group through organic growth and by \nacquisition.\n\nI would like to thank all the employees of the businesses that have been \nincluded in this transaction for their vital part in the history and progress of \nWilmington. I wish them well in the future.'\n\nEnquiries:\n\nWilmington Group PLC\nCharles Brady, Chief Executive 0207 422 6800\n\nWeber Shandwick Financial\nNick Oborne / Georgia Dempsey 0207 067 0700\n\nGrant Thornton Corporate Finance\nStuart Sparkes 0870 324 2631\n\nNumis Securities\nJames Serjeant 0207 260 1309\n\nHoare Govett Ltd\nSara Hale 0207 678 8000\n\n\n\nNotes to Editors\n\nWilmington Group plc is one of the UK's leading providers of information and\ntraining for professional business markets. The Group provides training,\narranges industry events and publishes magazines, directories, databases and\nspecial reports focused primarily on its three principal sectors of Legal &\nRegulatory, Healthcare and Media & Entertainment. Capitalised at approximately\n£190 million, Wilmington floated on the London Stock Exchange in 1995.\n\n\n\n\n\n This information is provided by RN...