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16th September 2009

THE LOCAL RADIO COMPANY PLC 

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

Update on Quadrant Media JV with Portsmouth FC

The Local Radio Company announces that it has entered into an agreement with Portsmouth FC relating to its Quadrant Media JV. Under this agreement Portsmouth FC has acquired 100% of The Quay Radio for a nominal sum effective from 31st August 2009, and the Local Radio Company has acquired Portsmouth FC's 26% holding in Quadrant Media for a consideration of £80,000.  

This agreement increases the Local Radio Company's interest in Spirit FM to 100%.

 

The Quay Radio is the Radio Licensee serving Portsmouth. It has an audience of 48,000 listeners listening for 205,000 hours per week (Source: Rajar Q2 2009). In the ten months ended 31st July 2009 the station had a turnover of £535,835 and an operating loss of £181,141 after central costs. At 31st July 2009 the station had net liabilities of £296,985.

Spirit FM is the Radio Licensee serving Chichester, Bognor Regis and Littlehampton. It has an audience of 43,000 listeners listening for 372,000 hours per week (Source: Rajar Q2 2009). In the ten months ended 31st July 2009 the station had a turnover of £707,154 and an operating profit of £7,049 after central costs. At 31st July 2009 the station had net assets of £95,265.

For further information please contact: 

William Rogers

Chief Executive Officer

The Local Radio Company plc

Tel: 01209 310435

Gavin Burnell / Brett Miller

Astaire Securities plc

Nominated Adviser & Broker

Tel: 020 7448 4400

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