UTV investors to get up to £55m
UTV Media plans to return as much as £55m (€78m) to shareholders after the sale of its television assets, including its fledgling Irish station, to ITV.
In a circular issued yesterday, Northern Ireland-based UTV Media announced it will hold a meeting on December 1 to allow shareholders to vote on the sale of its television assets. The assets are to be sold to ITV in a £100m deal.
UTV will receive net cash proceeds of £98m (after fees) from the sale and will use these funds to pay down debt which totalled £60.2m as of the end of June.
It said it expects to put up to £30m in new bank facilities in place. UTV said that it would also return a minimum of £40m and "up to an additional £15m" to shareholders as soon as it can.