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HMV sale bonanza to aid EMI's profit opportunities. (News).
EMI is in line for a massive windfall of up to 181m [pounds sterling] when the 834m [pounds sterling]-valued HMV Group floats on the stock market in mid-May.
EMI's announcement last week indicated that it expects to pick up 69m [pounds sterling] automatically under the terms of a sale agreement made after the 1998 management buyout.
In the offer prospectus, published last Wednesday, HMV also set its initial offer share price range between 190p and 220p. Based on the midrange between these, EMI can also expect to pick up a further lump sum of around 72m [pounds sterling].
This is based on EMI's reduction of its shareholding in HMV by around 31% or three-quarters, from its present 42.65% to 11%, a level of stock holding the record company is indicating it will be comfortable with post flotation. Again, based on the average projected value of the HMV shares on ...
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