1 July 2011 – disposal
The group has disposed of one of its Polish businesses for cash consideration of €20m following an unsolicited approach. The proceeds of the sale will be used to pay down bank debt. The business sold produced a Polish national newspaper, a business daily and a weekly magazine and related websites. Mecom remains committed to its wholly-owned regional newspaper business and will look to expand this. This seems a sensible move for the group given the fact that the future of the business disposed of is uncertain – the shares remain a BUY.