XLMedia PLC Sale of Mobile subsidiary (4408I)
08 Agosto 2019 - 7:06AM
UK Regulatory
TIDMXLM
RNS Number : 4408I
XLMedia PLC
08 August 2019
8 August 2019
XLMedia PLC
("XLMedia" or the "Group" or the "Company")
Sale of Mobile subsidiary
XLMedia (AIM: XLM), a leading provider of digital performance
marketing, provides the following update on strategic progress. As
previously announced, the Group made a strategic decision to focus
on its higher margin publishing activities and discontinue some of
its media activities. As part of the implementation of this
strategy, the Company announces the sale of Webpals Mobile Ltd.
("Mobile"), the Group's mobile apps marketing subsidiary. Mobile is
focused on the promotion of apps which are not in the Group's core
verticals of gambling and personal finance.
Mobile has been acquired by PLYmedia Israel (2006) Ltd, a
company active in the ad-tech and online marketing industries.
Under the terms of the agreement, Mobile will repay $1.9 million of
inter-company balances to the Group on completion of the
transaction. There will be a final settlement to be made based on
the assets and liabilities of Mobile as at completion following the
preparation of completion accounts, which the Company expects to be
immaterial. In 2018, Mobile delivered nil contribution at EBITDA
level. The net value of assets in the Group's consolidated balance
sheet is nil following impairment charge recorded in 2018. The net
proceeds from the sale will be used by the Group in the furtherance
of its strategy of developing its publishing assets.
Chief Executive Officer of XLMedia, Ory Weihs, commented:
"The sale of Mobile marks an important step for our business as
we focus our attention on our core publishing activities. We remain
committed to growing our Gambling & Personal Finance publishing
networks, while continuing with complementary media activities,
which we believe ideally places the Group to deliver sustainable
and high margin growth."
For further information, please contact:
XLMedia plc Ory Weihs www.xlmedia.com Via Vigo Communications
Vigo Communications Jeremy Garcia / Fiona Tel: 020 7390 0230
Henson / Simon Woods www.vigocomms.com
Cenkos Securities plc (Nomad and Joint Tel: 020 7397 8900
Broker) Giles Balleny / Max Gould www.cenkos.com
Berenberg (Joint Broker) Chris Bowman Tel: 020 3207 7800
/ Mark Whitmore / Simon Cardron www.berenberg.com
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END
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August 08, 2019 08:06 ET (12:06 GMT)
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