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SALE OF EXTEL FINANCIAL

 LONDON, Dec. 1, /PRNewswire/ -- United Newspapers plc (NASDAQ: UNEWY) announced the sale today of Extel Financial Limited to Financial Times Group Limited, a group company of Pearson plc, for the aggregate sum of 73.5 million pence. The cash consideration for the shares is 61.7 million pence and an inter company loan account of 11.8 million pence to United Newspapers group companies has been repaid.
 In the year to 31 December 1992, taking into account the 50 percent interest in the joint venture news agency with Agence France Presse, Extel Financial made pre-tax profits of 3.5 million pence on turnover of 34.5 million pence and at the year end had net assets of 1.1 million pence.
 Graham Wilson, managing director of United Newspapers plc, said:
 "We announced in September 1993 our intention to secure the most advantageous disposal of Extel Financial since we considered that the business could best be developed within a larger financial information business.
 "The sale today to the Financial Times Group has fulfilled that purpose very successfully, and I believe that the interests of the customers and staff of Extel Financial will be well served.
 "Extel Financial was acquired as part of Extel Group PLC in June 1987. In the intervening six years the publishing activities of the Extel Group have been incorporated in UN's continuing activities and other businesses have been disposed of.
 "As a result this sale of Extel Financial will, subject to audit, realize a net gain (after provision for goodwill) in excess of 25 million pence."
 The proceeds of the sale will be retained within the group for corporate purposes.
 -0- 12/1/93
 /CONTACT: Graham J S Wilson, managing director of United Newspapers plc, 071-921-5002/
 (UNEW)


CO: United Newspapers plc; Financial Times Group Limited; Extel
 Financial Limited ST: London IN: PUB SU: TNM


TO -- DE015 -- 9291 12/01/93 12:39 EST
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Publication:PR Newswire
Date:Dec 1, 1993
Words:316
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