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Dagsbrún-Intended Sale of Wyndeham-Profit warning issued due to Q3 2006 results   16.11.2006 17:06:14
Flokkur: Afkomuviðvaranir   Fyrirtækjafréttir      Íslenska  English
Intended Sale of Wyndeham – Profit warning issued due to Q3 2006 results

Intended Sale of WyndehamProfit warning issued due to Q3 2006 results

 

The Board of Directors of Dagsbrun has decided to open negotiations with potential buyers of a majority of the share capital of Daybreak Acquisitions Ltd. the parent company of Wyndeham Press Group PLC, the third largest print and communications company in the UK.

 

Dagsbrun has hired Landsbanki Corporate Finance to assist the company with the sale, but in light of changes in the operating environment of the print industry in the UK, due to increased competition and consolidation of companies in this field, it is expected that the forecast presented at the time of acquisition will not hold for the year 2006. The Board considers it prudent to record a 1,5 billion ISK impairment provision due to the company’s shareholding in Wyndeham.

 

It should be pointed out that in the Schedule of Division and Merger of Dagsbrún from 12 September 2006, an amorisation of good will amounting to 1 billion ISK was recorded following an impairment test of the company’s shares in Kögun hf. Furthermore, one-off costs due to the division and reorganisation of the company have been recorded in Q3. Finally, the results of 365 miðlar ehf. have not been in line with the presented forecast for the first nine months of the year.

 

Þórdís Sigurðardóttir, the Chairman of the Board, however says that the prospects of the electronic communications and media segments of Dagsbrun are good. Selling part of the company’s shares in Wyndeham would alleviate the Group’s indebtedness and provide for a sharper focus in its operations. The company thus aims to sell all shares in Wyndeham in the next 24 months.

 

 


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