RNS Number:9807V
Optimistic Entertainment PLC
02 May 2007
1 May 2007
OPTIMISTIC ENTERTAINMENT PLC
("Optimistic" or "the Company")
SALE OF BONANZA CHANNEL
Further to the announcement made on 27 April 2007, Optimistic, the AIM-listed
media company, today announces the sale of its Bonanza TV channel assets
("Bonanza assets"). Optimistic has disposed of the Bonanza assets via the sale
of its subsidiary Goldfinn Limited to Caparo Ventures Limited and Film 24
Limited, for a total consideration of #1, together with the assumption of certain
liabilities. In the year to 31 December 2006, the Bonanza assets generated an
unaudited loss before tax of approximately #390,000, and are recorded at zero
value on the Company's balance sheet.
Following this transaction, ongoing operating costs within Optimistic's TV
channel business, The Optimistic Network Limited, will be reduced to a minimal
level and the disposal will allow Optimistic to focus on its successful TV
production business, Optimistic Media.
Optimistic remains in discussions to restructure the Company's financing
arrangements, and further announcements will follow as appropriate.
Contact Information:
Jasper Smith
Optimistic Entertainment plc 020 7942 7942
Victoria Brough/Victoria Palmer-Moore
Powerscourt 020 7250 1446
About Optimistic Entertainment
Optimistic Entertainment Plc is a listed media investment company. IT has two
subsidiary businesses - Optimistic Media, an international TV production company
and The Optimistic Network, a TV channel business. Optimistic's revenue is
derived from a diverse spectrum of activities across TV and Radio and throughout
the UK, Europe and the USA.
Optimistic Media is a leading international producer of interactive
entertainment content. Optimistic's programmes are widely distributed in the UK
and internationally via a growing network of third party broadcasters. The
company's Emmy nominated multi-platform content formats are developed for
television, radio, the web and mobile platforms, and are sold to major media
companies around the world. Since 2003, Optimistic Media has supplied
broadcasters in the UK, France and the USA with high value participation
programmes delivering new sources of revenue by effectively utilising off peak
hours.
About The Optimistic Network
TON has been operating TV channels since 2003 but since entering into a Company
Voluntary Arrangement in June 2006, the business has been focussed on realising
value from its remaining channel assets.
This information is provided by RNS
The company news service from the London Stock Exchange
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