UTV Media PLC Disposal of TV Business and UTV MEDIA PLC Name Change

 
TIDMUTV 
 
UTV Media plc 
 
Completion of the Sale of UTV Television and Change of Name 
 
UTV Media plc announces Completion of the Sale of UTV Television and Change of 
Name 
 
Further to its statement on 19 February 2016, UTV Media plc (the "Company") 
today announces that it has successfully completed the sale of the entire 
issued share capital of UTV Limited and its wholly owned subsidiary UTV Ireland 
Limited, which together comprise the whole of the Company's television business 
("UTV Television") to ITV Broadcasting Limited ("ITV") (the "Sale"). 
 
Pursuant to the terms of the sale and purchase agreement with ITV, the Company 
agreed to cease using the "UTV" name with effect from completion. Following 
approval from the Company's board of directors (in accordance with the 
Company's articles of association), the Company today announces that it has 
changed its registered name from "UTV Media plc" to "WIRELESS GROUP PLC" with 
immediate effect. The Company's TIDM on the London Stock Exchange and Irish 
Stock Exchange for its Ordinary Shares of 5 pence each will change from UTV to 
WLG with effect from 8.00 a.m. on Tuesday 1 March 2016 and its new web address 
www.wirelessgroupplc.com will also go live on Tuesday 1 March 2016. 
 
As previously announced, the Company expects to receive net cash proceeds, 
after transaction costs, of approximately GBP98 million from the Sale and intends 
to return a total of approximately GBP55 million of cash to shareholders (the 
"Return of Cash"). The Return of Cash is proposed to be implemented in two 
stages. Firstly, approximately GBP50.8 million is proposed to be returned to 
shareholders through the issue and redemption of a new class of redeemable B 
shares (the "B Share Scheme"). The B Share Scheme is conditional upon 
shareholder approval and a circular containing details of the B Share Scheme 
and notice of a General Meeting of the Company is expected to be sent to 
shareholders during or before the week commencing 7 March 2016. Secondly, 
approximately GBP4.2 million, being the anticipated amount of the Return of Cash 
not returned to shareholders pursuant to the B Share Scheme, is expected to be 
returned to shareholders by way of a special dividend payment in July 2016, 
details of which will follow in due course. 
 
For further information, please contact: 
 
Norman McKeown, Group Finance Director 
 
Tel: +44 (0) 2890 262204 
 
29 February 2016 
 
 
 
END

(END) Dow Jones Newswires

February 29, 2016 10:37 ET (15:37 GMT)

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