CSC Cscape

 

TIDMCSC 
 
RNS Number : 9862C 
cScape Group PLC 
24 November 2009 
 

cScape Group plc ("the Company") 
 
 
Disposal of ITM Graphics Limited and ITM Publishing Services Limited (together 
the "ITM Group") 
 
 
cScape Group plc (AIM:CSC) announces that, on 23 November 2009, the Company 
disposed of its wholly owned subsidiaries, ITM Group, to the existing management 
team of ITM Group, for a maximum cash consideration of GBP150,000.The 
consideration comprises an initial cash payment of GBP25,000 and deferred 
payments, in aggregate, of GBP125,000 over a period of six years (subject to 
certain conditions). 
 
 
The principal activity of ITM Group is computer typesetting, pre-press services 
and management services. 
 
 
For the year ended 30 June 2009, ITM Graphics Limited made a profit before tax 
of GBP5,802 on turnover of GBP1,910,708. As at 30 June 2009, ITM Graphics 
Limited had net assets of GBP145,522.  For the year ended 30 June 2009, ITM 
Publishing Services Limited made a loss before tax of GBP61,032 on turnover of 
GBP1,150,511. As at 30 June 2009, ITM Publishing Services Limited had net 
liabilities of GBP61,031. 
 
 
The directors believe that the disposal of the ITM Group will allow cScape to 
focus on the remaining subsidiaries within the group and release additional 
working capital. 
 
 
The disposal, as set out above, is considered to be a related party transaction 
under the AIM Rules for Companies.  The directors of cScape consider, having 
consulted with the Company's nominated adviser, that the terms of the Disposal 
of ITM Group are fair and reasonable insofar as the Company's shareholders are 
concerned. 
 
 
24 November 2009 
 
 
For further information, please contact: 
 
 
Smith & Williamson Corporate Finance Limited    Tel: 020 7131 4000 
Azhic Basirov / Charles Combe 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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