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Shareholders Approve Viewpoint / Rosslyn Sale
IQ Holdings' shareholders have voted in favour of selling the firm's research subsidiaries Viewpoint Field and Rosslyn Research to media and financial services group Rivington Street Holdings (RSH), in a deal valued at £1.5m.
IQ said in November that it was considering the sale of its research units in response to 'continuing difficult trading conditions'.
The previous April, after completing the purchase of Viewpoint Field, Viewpoint Studios and The Wire (which it subsequently closed) from MR group Illuminas, IQ Holdings reported a net loss of £440k for the year ended 30 September 2008, with its liabilities exceeding its assets by £677k.
As recently announced, the two firms will be exchanged for 5.2m ordinary 1p shares in RSH, which currently has six wholly owned subsidiaries including financial information, trading and investment firms as well as PR consultancy Bishopsgate.
RSH says that the acquisitions, which are expected to be completed by the end of January, offer cross-selling opportunities with its other media divisions as well as diversifying its operations away from being a purely stockmarket linked group.
As part of the agreement, RSH will take on £1.8m of IQ Holdings debt.
Web sites: www.iqholdings.co.uk , www.rivingtonstreetholdings.com , www.viewpointservices.com and www.rosslyn-research.co.uk .
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