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 £98 million
from the Sale and intends to return a total of approximately £55
million of cash to shareholders (the “Return of Cash”). The Return
of Cash is proposed to be implemented in two stages. Firstly,
approximately £50.8 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 £4.2 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