Sale of Loot and Short Term Bridge Financing of Scoot


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.

To view this release in its entirety, please click on the link below:


Contact Data