(Updating with background details)
LONDON (Thomson Financial) - Optimistic Entertainment PLC said trading
conditions remain difficult and its operations continue to experience losses.
The AIM-listed media company also said it has been unsuccessful so far in
its discussions for additional sources of funding.
It intends to announce its full-year results by the end of this month.
Optimistic concluded the sale of all its channel assets in early May by
selling Life Two Airtime to Life TV Media Ltd for 270,000 stg.
The company said the proceeds from the disposal will be used to make the
second payment of about 171,000 stg under its voluntary arrangement and to meet
other existing liabilities.
The network also said it will become a realisation vehicle for the voluntary
arrangement through its ongoing licence fee to TV and media production company
Optimistic Media Ltd, and will therefore bear no further operating costs.
TFN.newsdesk@thomson.com
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