LONDON, August 17, 2001 (PRIMEZONE) -- Scoot (Nasdaq:SCOPE) today announces the following developments:
Agreement to sell the Loot business in the UK and Ireland to a subsidiary of the Daily Mail and General Trust plc ("DMGT") for a cash consideration of approximately 45 million pounds. This sale is subject to the approval of Scoot's shareholders and to Irish competition clearance.
Provision of a 10.5 million pound bridge financing facility by DMGT which will provide 7.0 million pounds of working capital after repayment of bank loans of approximately 3.5 million pounds.
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