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18th August 2009

THE LOCAL RADIO COMPANY PLC 

(the 'Local Radio Company')

Disposal of Isle of Wight Radio

The Local Radio Company announces that its Quadrant Media Limited joint venture with Portsmouth FC has today disposed of its holding in its Isle of Wight Radio Limited subsidiary for an initial consideration of £130,000 plus a deferred consideration of £50,000 payable in February 2010.

 

The holding has been acquired by Isle of Wight Radio Holdings Limited.

 

Isle of Wight Radio is the Radio Licensee serving the Isle of Wight. It has an audience of 33,000 listeners listening for 290,000 hours per week (Source: Rajar Q2 2009). In the ten months ended 31 July 2009 the station had a turnover of £519,024 and an operating loss of £176,521 after central costs. At 31 July 2009 the station had net liabilities of £168,542.

For further information please contact: 

William Rogers

Chief Executive Officer

The Local Radio Company plc

Tel: 01209 310435

William Vandyk

Astaire Securities plc

Nominated Adviser & Broker

Tel: 020 7448 4400

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