Re Contract to manage DK4
April 10 2007 - 5:17AM
UK Regulatory
RNS Number:5810U
Europe Vision PLC
10 April 2007
Europe Vision plc
(The 'Company')
Appointment by Tritel Investments as consultant to DK4
Europe Vision, the AIM listed studio-to-screen European media company, announces
that it has been appointed by Tritel Investments to restructure, refinance and
address management issues at Denmark's DK4 television channel. DK4 is a 100pc
subsidiary of Tritel Investments, which owns 25.29pc of Europe Vision.
DK4's programming has historically focussed on local Danish language content as
opposed to its competitors whose programming is dominated by American imported
product which is subtitled.
Although DK4 has had some significant market penetration for special occasions,
such as sporting events featuring Danish national teams, overall its financial
performance has been disappointing since it was acquired in May 2006 by Tritel
Investments.
Europe Vision will be responsible for preparing DK4 either to be sold or to be
ready for further investment to fund expansion.
The service will be provided for a period of three months only and the Company
will be paid a fee of Euro500,000, half payable immediately and the remainder on
completion of the three months, plus any out of pocket expenses and an
additional five per cent success fee of any sale price or investment
consideration. If any investments are made by DK4 Europe Vision will be paid a
performance fee of five per cent of the consideration.
The agreement will further strengthen the Company's interest due to additional
revenue streams and supplementation of the company's strategy to gain access to
multiple media delivery channels for its content.
David Lowe, Chairman of Europe Vision is also a Non Executive director of DK4
and Tritel Investments is a 25.29pc shareholder of the Company and therefore
this transaction is with a related party. The Directors of Europe Vision,
excluding David Lowe, consider, having consulted with Europe Vision's nominated
adviser, KBC Peel Hunt, that the terms of the transaction are fair and
reasonable in so far as its shareholders are concerned.
- Ends -
Enquiries:
Europe Vision plc
David Lowe, Chairman
KBC Peel Hunt Ltd
Capel Irwin 020 7418 8907
Richard Newman 012 1698 2151
Bell Pottinger Corporate and Financial
Olly Scott 078 1234 5205
This information is provided by RNS
The company news service from the London Stock Exchange
END
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