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15/10/2007
UTV Restructuring Goes Ahead
The board of UTV has has announced that a corporate restructuring has been approved by shareholders.
Under the restructuring scheme a new listed company UTV Media plc would be introduced as the ultimate holding company of the group. UTV shareholders will receive one new share in UTV Media plc for every share they owned in UTV plc.
The Scheme, which has been approved by shareholders of UTV and the High Court of Justice in Northern Ireland, becomes effective on Monday 15 October 2007.
John McCann, Group Chief Executive, UTV Media plc said: "Over the last few years, the company has diversified its operations beyond television, and has successfully expanded into Radio and New Media. In 2006, for the first time, total sales generated by radio exceeded that of television, with radio accounting for 54% of total sales, while television and new media accounted for 37% and 9% respectively. The name of the new holding company UTV Media plc more accurately reflects the company's broadened portfolio and strategy towards a diversified UK and Republic of Ireland media business."
(DS)
Under the restructuring scheme a new listed company UTV Media plc would be introduced as the ultimate holding company of the group. UTV shareholders will receive one new share in UTV Media plc for every share they owned in UTV plc.
The Scheme, which has been approved by shareholders of UTV and the High Court of Justice in Northern Ireland, becomes effective on Monday 15 October 2007.
John McCann, Group Chief Executive, UTV Media plc said: "Over the last few years, the company has diversified its operations beyond television, and has successfully expanded into Radio and New Media. In 2006, for the first time, total sales generated by radio exceeded that of television, with radio accounting for 54% of total sales, while television and new media accounted for 37% and 9% respectively. The name of the new holding company UTV Media plc more accurately reflects the company's broadened portfolio and strategy towards a diversified UK and Republic of Ireland media business."
(DS)
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