Ascential PLC Sale of Health Service Journal for £19m (5831U)
January 19 2017 - 2:00AM
UK Regulatory
TIDMASCL
RNS Number : 5831U
Ascential PLC
19 January 2017
Thursday 19 January 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE
REGULATIONS.
Ascential plc
Sale of Health Service Journal for GBP19m
Ascential plc (the "Group" / LSE: ASCL.L), the international
business to business media company with a focused portfolio of
market leading events and information services products, today
announces that it has agreed the sale of Health Service Journal
("HSJ") to Wilmington plc for a consideration of GBP19m, payable in
cash subject to normal working capital adjustments at completion.
The sale is expected to complete on 31 January 2017 and proceeds
will be used to reduce Ascential's net debt and invest in the
business.
On 5 January 2017 the Group announced that it had separated 13
heritage brands into a separate operating entity and that these
brands would develop an independent business strategy while new
owners were sought. The sale of HSJ to Wilmington marks the first
sale in this process.
HSJ is a leading source of information for both public and
private health professionals. In 2016 HSJ generated revenue of
GBP10m and EBITDA of GBP2.8m*. Its gross assets at June 2016 were
GBP12.8m including intangibles.
Duncan Painter, CEO, Ascential, commented:
"This is the first key milestone in finding the right future
home for our Heritage Brands and highlights the attraction of these
brands to new owners. HSJ is recognised as a market leader in its
sector and I have confidence that Wilmington will provide the right
environment for its continued success."
*After deducting depreciation of GBP0.1m and amortisation of
acquired intangibles of GBP0.6m, profit before tax for 2016 was
GBP2.1m.
For further information,
please contact:
FTI Consulting LLP 020 3727 1000
Matt Dixon/Ed Bridges/Chris
Lane
About Ascential
Ascential plc is a leading international media company that
informs and connects business professionals in 150 countries
through market leading Exhibitions, Festivals, and Information
Services. Ascential powers the prestigious Cannes Lions Festival
for the branded communications industry, the world's premier
payments and financial services congress Money20/20, Spring
Fair/Autumn Fair, the global fashion trend forecasting service WGSN
and environmental risk data business Groundsure.
23 of Ascential's 32 product lines are market leading and occupy
number one positions. Ascential exists to provide our customers
with world class content and connections empowering their
businesses to be the best informed and best connected. Our products
enable focus, growth and value.
This information is provided by RNS
The company news service from the London Stock Exchange
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