Disposal By Primedia Of Its Interest In Mailcom Pl
PRIMEDIA LIMITED
(Registration No. 1993/003355/06)
("Primedia")
In line with Primedia's strategy of maximising value from its investment in
Primecom and focusing on its core businesses, Primedia has sold its 100%
interest in Mailcom plc ("Mailcom") to management with effect from 29 June
2001.
In consideration for the sale Primedia will receive GBP3,6 million
(approximately R41 million) on deferred interest bearing payment terms and
GBP3,2 million (approximately R36,6 million) of debt relating to Mailcom
will be removed from the Primedia group.
As a result of disposal of Mailcom, the disposal of other non-core assets
and efficient operating cash flow management, Primedia's group net debt as
at 30 June 2001 is anticipated to be at least R70 million lower than the net
debt as at 31 December 2001.
Sandton
05 July 2001
Corpcapital Corporate Finance
Corporate Advisor to Primedia
Investec
Sponsor to Primedia
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