Disposal of Subsidiary
24 12월 2008 - 4:00PM
UK Regulatory
24/12/2008
GB00B1G49D82/GBP/PLUS-exn
Livewave Media plc ("Livewave", "the Company")
Disposal of subsidiary
The Board of Livewave confirms today that it has disposed of its operating subsidiary, Wavefinder
Ltd ("Wavefinder") to the management of Wavefinder on the following terms.
1. �15,000 cash payment;
2. The assumption by Wavefinder's management of a debt of the Company of �10,000; and
3. The conversion of 1,875,000 ordinary shares in the Company held by Wavefinder's management
and associates into deferred shares in the Company of nominal value. This conversion requires
shareholders' approval which will be included as a resolution in a forthcoming Extraordinary
General Meeting.
In addition, all warrants held by Wavefinder's management in the Company have been cancelled.
As a result of this transaction, the issued share capital of the Company will be reduced to
6,500,000 ordinary shares.
Trading update.
Following this transaction, the Company will have no operating subsidiaries.
The Board has entered into negotiations which may lead to the acquisition of a profitable company
operating in the sports marketing business.
The report and accounts for the year ended 30 June 2008 have been delayed as a result of the above
transaction but are expected to be completed by 15 February 2009.
The Directors of the issuer accept responsibility for this announcement.
Contact:
Gary Smith
020 7851 3800
Duncan Vasey
St Helens Capital Plc
020 7628 5582
Livewave Media plc
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