|Acorn Sells Xemplar Stake|
Acorn Group plc, the technology holding company, today announced that its wholly-owned subsidiary, Acorn Computers Limited (ACL), has sold its 50% interest in educational IT supplier, Xemplar Education Limited, to its joint venture partner, Apple Computer. The transaction values Xemplar at £6m and ACL's cash proceeds are £3m.
During 1997, Xemplar recorded a pre-tax profit of £0.2m and its net asset value at 31 December 1998 is estimated at £4.2m, with ACL's share at £0.1m and £2.1m respectively.
Proceeds will initially be placed on deposit but will be used to finance further development of ACL, which, during 1998, announced its intention to focus on the multimedia and digital TV markets.
Commenting on the deal, Stan Boland, Chief Executive of Acorn Group plc said:
"The disposal of our stake in Xemplar was a natural step, given ACL's business focus. It reinforces our commitment to becoming a major player in the rapidly growing digital TV market."
Acorn is a technology company with a strong market focus on the multimedia and Digital interactive TV (DiTV) markets. Acorn offers world-class capabilities in complete product, silicon, operating systems and software component design. Acorn solutions provide high levels of functionality, the flexibility that only software can provide, and a reduced component count. Due to Acorn's independent status as a technology company, their technologies can be applied in a range of applications across the consumer electronics industry.
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