Observer streamlines in the UK
Observer streamlines in the UK Observer is divesting a small part of its British operations and concentrating in the UK on Media Intelligence and Communication. After having transferred the well-known Willings Press Guide to another part of its British operations, Observer is now divesting Hollis Directories. The company, which produces and markets a number of regularly published handbooks and catalogues, falls outside Observer's core business. Hollis will be sold to the British publisher Wilmington Group, listed on the stock exchange, and the company's management. "Hollis is a small part of our operations," says Observer CEO Robert Lundberg. "The sale is an element in Observer's efforts to further develop and concentrate its British operations on Media Intelligence and Communication." Hollis has a turnover of approximately GBP 2 million on an annual basis, corresponding to slightly more than two percent of Observer Group's revenue. The total consideration amounts to GBP 3.6 million. The P/E amounts to approximately 10. No capital gain will arise for Observer from the disposal. Extraordinary general meeting, September 29 Because Hollis' management is among the buyers, the sale is conditional on the approval of Observer's general meeting. Observer AB has therefore announced that an extraordinary general meeting will be held at 9:00 a.m. (CET) on September 29 at the company's office on Linnégatan 87, Stockholm. About Observer AB Observer AB (formerly Sifo Group), listed in the O-list of the OM Stockholm Exchange, has its operations in media and market monitoring, analysis, evaluation, target group identification for, and distribution of, information for PR and IR purposes. Through SMG Consulting, Observer AB is also active in management and strategic consulting. On a moving 12-month basis, Observer AB has revenues of approximately SEK 1.1 billion and around 1,500 employees in Sweden, Norway, Denmark, Finland, Estonia, Latvia, Lithuania, Germany and the UK. For further information, please contact: Jan-Erik Jansson, Chief Financial Officer, phone +46-8-507 410 14, e-post jan-erik jansson@observergroup.com Per Blixt, Chief Communications Officer, phone +46-8-507 410 12/+46-70-549 28 08, e-mail per.blixt@observergroup.com This press release is also accessible online at www.observergroup.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/13/20000913BIT00650/bit0001.doc http://www.bit.se/bitonline/2000/09/13/20000913BIT00650/bit0002.pdf