Tuesday 15. March 2011
St Ives plc – Disposal of magazine business
The Board of St Ives plc (“St Ives” or the “Group”) is pleased to announce that it has today entered into a conditional agreement to dispose of its Magazine business, comprising St Ives Peterborough Limited, St Ives Plymouth Limited, St Ives Roche Limited and St Ives Web Limited, to Walstead Newco3 Limited (“Walstead Newco3”), a wholly owned subsidiary of Walstead Investments Limited (the “Disposal”). The total consideration for the Disposal will be £20 million, comprising £15 million in cash payable on completion and £5 million in loan notes.