Libra agrees to sell Libra UK

Libra Holidays Group Plc (LHG) announced that it has reached a deal with Allbury Ltd, which will inject GBP1 mln into Libra Holidays Ltd (UK) and will acquire 35% of its share capital. Furtherermore, until 15th February 2008, Allbury Ltd will have an option to acquire an additional 25% stake with investment of GBP2.5 mln. This option becomes mandatory under the following terms:
· Appointment of new management team in Libra Holidays Ltd (UK) [negotiations are currently going on].
· New Business Plan to be presented by the new management team.
· CAA approval of both the new management team and the new business plan.
· Confirmation by the Obligors of Libra Holidays Ltd (UK) for continuance of bonding for next year [current bond expires 31-03-2008].
2. The company Excel Airways Ltd will convert a GBP2.4 mln facility into a 20% stake in Libra Holidays Ltd (UK) with the option to sell back to Allbury Ltd or its associates the 10% for GBP1.2 mln. Allbury Ltd has a call option on the same 10% if it so wishes.