REG - National World PLC - Sale of the entire business and assets of PCS Ltd

National WorldAnnouncement

02/04/2024 07:00

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RNS Number : 8950I  National World PLC  02 April 2024

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

 

National World plc

 

("National World," the "Company," or the "Group")

 

Sale of the entire business and assets of Press Computer Systems Limited

 

 

National World, (LSE: NWOR) is pleased to announce that on 31 March 2024 it
completed the sale of the entire business and assets of Press Computer Systems
Limited, ("PCS") an indirect wholly-owned subsidiary of the Company, as a
going concern, (the "Disposal") to Naviga 1 UK Limited, a wholly-owned
subsidiary of Naviga Inc., ("Naviga").

 

The consideration for the Disposal was £3.5 million, which was satisfied by
way of a prepayment by National World to Naviga under a software agreement
entered into between National World and Naviga on completion of the Disposal.

 

The Group acquired the newspaper and online assets of (The) Midland News
Association Limited in a £11.5 million acquisition, together with PCS as a
minor part of the consideration, on 29 September 2023.

 

Commenting on the sale, National World's Chairman, David Montgomery, said:

"Newspaper production technology is not our core expertise and so we believe
PCS is being transferred into good hands with Naviga, which is best placed to
develop that business while continuing to serve National World's modernisation
and automation needs for the long term."

 

PCS provides Software-as-a-Service technology solutions to publishers,
enabling closer collaboration across editorial, advertising and production
processes. It is widely used in the local news publishing industry.

 

- Ends -

 

Enquiries:

 

 National World plc

 David Montgomery

 c/o Montfort Communications

 Dowgate Capital Limited       +44 (0)20 3903 7715

 David Poutney

 James Serjeant

 Montfort Communications

 Nick Miles                    +44 (0)77 3970 1634

 Olly Scott                    +44 (0)78 1234 5205

 

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