[HCDX] RTE to buy TeamTalk 252?

["Andy Sennitt" <andys@xxxxxxxxxx>]

Here's the official announcement:

Disposal of interest in radio business

The board of ukbetting plc is pleased to announce that it has agreed in
principle to dispose of TEAMtalk Media Group plc's ('TEAMtalk') indirect 80%
shareholding in Radio Tara Limited for a nominal consideration to Radio
Telefis
Eireann ('RTE'), which owns the remaining 20% shareholding. TEAMtalk and RTE
have entered into exclusive negotiations with a view to completing the
transaction at the earliest opportunity.  As part of the agreement TEAMtalk
252
will cease broadcasting with immediate effect.

The 80% shareholding in Radio Tara Limited was acquired by TEAMtalk in
December
2001 for a consideration of GBP 2.0 million. Since its acquisition Radio
Tara
Limited has lost  approximately 60% of its weekly reach according to RAJAR
figures as at 31 March 2002. Radio Tara Limited has also incurred unaudited
pre-tax losses of GBP 2.2 million since its acquisition. The disposal of
this
shareholding will stem a significant cash drain on the TEAMtalk business.

Enquiries:

ukbetting plc                                                      020 7529
4857
Peter Dubens, Vice Chairman

Beeson Gregory                                                     020 7488
4040
Chris Callaway
Tim Redfern

Financial Dynamics                                                 020 7831
3113
Edward Bridges
Juliet Clarke

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