Disposal
October 22 2003 - 3:01AM
UK Regulatory
IMMEDIATE 22 October 2003
Royal & SunAlliance announces the sale of Sequence (UK) Limited to Connells
Limited
Royal & Sun Alliance Insurance Group plc announces that it has sold its UK
estate agency operations, Sequence (UK) Limited to Connells Limited - a
subsidiary of the Skipton Building Society Group. As at 30 September 2003 the
net asset value of Sequence (UK) Limited was �7m.
The transaction will not have any material effect on the Group's shareholders
funds, capital or net assets. The operating loss, after taking account of
reorganisation costs, of Sequence for the year ended 31 December 2002 was �7m.
The Group's 29% investment in Rightmove.co.uk Limited will be retained.
The business has been sold as a going concern.
--ENDS--
Technical Notes to Editors:
1. As at 31 December 2002 the net asset value of Sequence (UK) Limited was �
12m.
2. In accordance with the provisions of Financial Reporting Standard 3 -
`Reporting Financial Performance' the disposal of Sequence will involve the
reinstatement of goodwill originally written off on the various originating
acquisitions in accordance with previous UK accounting standards. Such
goodwill, amounting to �221m, will be credited to shareholders funds and
debited to the Profit and Loss Account for the purposes of presentation of
the loss on disposal. This accounting treatment has no impact on
shareholder funds or technical reserves.
For further information:
Analysts Press
Malcolm Gilbert Richard Emmott
Tel: +44 (0) 20 7569 6134 Tel: +44 (0) 20 7569 6023
END