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29th June 2009

THE LOCAL RADIO COMPANY PLC 

(the 'Local Radio Company'' or the ''Company')

Disposal of Arrow FM Limited and Sovereign Radio Limited

The Local Radio Company announces that on Friday 26th June 2009 it disposed of its 100% holdings in its Arrow FM Limited and Sovereign Radio Limited subsidiaries for a total consideration of £100,000.

 

The holdings have been acquired by Media Sound Holdings Limited which owns Bright FM and Splash FM.

 

Arrow FM is the Radio Licensee serving Hastings. It has an audience of 21,000 listeners listening for 198,000 hours per week (Source: Rajar Q1 2009). In the eight months ended 31 May 2009 the station had a turnover of £221,998 and an operating loss of £118,167 after central costs. At 31 May 2009 the station had net liabilities of £950,358.

Sovereign Radio is the Radio Licensee serving Eastbourne. It has an audience of 26,000 listeners listening for 186,000 hours per week (Source: Rajar Q1 2009). In the eight months ended 31 May 2009 the station had a turnover of £309,208 and an operating loss of £85,905 after central costs. At 31 May 2009 the station had net liabilities of £765,435.

For further information please contact: 

William Rogers

Chief Executive Officer

The Local Radio Company plc

Tel: 01209 3310435

Roxane Marffy/Brett Miller

Ruegg & Co Limited

Nominated Adviser & Broker

Tel: 020 7584 3663

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