Manx & Overseas PLC
15 March 2000
MANX & OVERSEAS PLC
Manx & Overseas Plc ('the Company'), is pleased to announce the sale of the
business and assets of Waltons Televisions (Manx) Limited ('Waltons') and
Pascoes Limited ('Pascoes') to Medpool Limited, a private company on the Isle
of Man. The Company yesterday agreed the sale for a cash consideration of
£887,500 together with a debt waiver in relation to the intra-group
indebtedness of these two companies to the Company of approximately £300,000.
The principal activity of Waltons and Pascoes is that of the retailing of
brown and white electrical goods. The combined value of the net assets being
sold is approximately £870,700 to which profits of £43,560 where attributable
in the year to 30 September 1999. The monies received in relation to the
disposal of Waltons and Pascoes will be used to the benefit of the Company by
reducing group debt.
For further information please contact:
Desmond Bloom (Chairman) 0207 495 7799