Radio Investments Ltd. has announced today that it has sold its share in Capital Radio for £42.7 million. The original stake, bought in 1973 as a founder shareholding in Capital, cost Radio Investments £100,000.
Radio Investments held an 8.8% share in Capital Radio plc, and has sold all its shares for 660p per share to a number of institutions. The group describes the disposal as part of a strategic review to rationalise its portfolio of investments.
The company says it is planning further investment in one of its subsidiary businesses, The Local Radio Company (TLRC).
Chairman and chief executive of Radio Investments, Robert Stiby, will remain a non-executive director of Capital Radio, retaining his personal shareholding. Stiby is also chairman of TLRC.
Radio Investments: 01883 341 517
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