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Totally PLC announces divestment of Totally Communications Limited and proposed name change

Thursday, 19 Dec 2013 02:00am EST 

Totally PLC:Announces that on Dec. 18 it completed the sale of its 100 per cent. equity interest in Totally Communications Limited (Totally Communications), the company's digital marketing business, to Crisp Works Limited (the Purchaser or CWL) (the Disposal).Says the total consideration is 300,000 pounds payable in cash and this is being paid in two instalments; 275,000 pounds was paid on Dec. 18 and 25,000 pounds is to be paid on the anniversary of the first payment.Says 100,000 pounds of the sale proceeds will be used by the company to provide further working capital and for general corporate purposes and 200,000 pounds will be used for full and final settlement of outstanding intercompany loans with Totally Communications.Says following the Disposal, the company will continue to focus on growing Totally Health Limited (Totally Health), its wholly owned subsidiary which promotes specialist solutions across the spectrum of healthcare.Says the Disposal reflects Totally's growth strategy which is driven by the Totally Health division and will enable the company to focus its resources on implementing its strategy for Totally Health and creating value for shareholders.Says following completion of the Disposal the company intends to change its name to Totally Health Plc to reflect the company's ongoing activities and focus. 

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