Centaur Media - Unbundling to deliver value

Centaur is making good progress in realising the value within its portfolio, with the sale of the MiniMBA and Oystercatchers in July and the agreed disposal of The Lawyer, announced more recently and expected to complete in October. The residual brands (excluding The Lawyer) generated revenues of £5.9m in H125 and an adjusted operating loss of £1.3m (after group overhead allocations). Once disposal proceeds have been received, Centaur's management anticipates the group having net cash of c £67m, before payment of the interim dividend of 0.6p per share (cost of £0.9m). Shareholders will be consulted as to the mechanism of returning the cash before the end of the year. Given the considerable progress that has been made on the unbundling, we do not now intend to reinstate forecasts.

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