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Expomedia
- BY: Andrew Hore |
- POSTED: 01/01/2009 |
Exhibitions organiser Expomedia has sold its stake in its German joint venture.
Joint venture partner Gruner & Jahr is paying an initial €415,000, with €85,000 more due in 12 months.
The joint venture lost €976,000 on revenues of €2,690,000 in 2007.
Expomedia has already raised €1.7m from the sale of its venue in Cologne. The purchaser is Christoph Renevier, who owns 20% of Expomedia Deutschland. Renevier has borrowed €390,000 from Expomedia non-executive director Roger Shashoua
The money raised from the disposals will help to pay back some of the cash lent to Expomedia by Roger Shashoua.
At 1.125p a share, Expomedia is valued at £570,000. Despite the disposals Expomedia still has significant borrowings.
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