News: BKG Booktopia Group Says It Exits Welbeck Investment

Dec 2 (Reuters) - Booktopia Group Ltd (BKG) :

• EXITS WELBECK INVESTMENT
• SOLD SHARES IN WELBECK PUBLISHING FOR TOTAL CASH CONSIDERATION OF ABOUT A$1.5 MILLION
• AN AUSTRALIAN DISTRIBUTION AGREEMENT BETWEEN BOOKTOPIA AND WELBECK HAS ALSO BEEN DISSOLVED AS PART OF TRANSACTION
• FOLLOWING A REVIEW OF BUSINESS EARLIER THIS YEAR, WROTE DOWN VALUE OF INVESTMENT BY A$2.2 MILLION
• RESULTANT GAIN ON DISPOSAL OF INVESTMENT IS EXPECTED TO BE AROUND A$0.5 MILLION
• BOOKTOPIA'S 25% INTEREST IN BUSINESS WAS SOLD TO WELBECK PUBLISHING GROUP LIMITED (UK)