RM plc ("the Group") issued a Trading Update and Strategic Review on 29 September 2011 stating that, after reviewing the Group's UK operations, the Board had decided to dispose of the business of Dacta and was also seeking to realise minority shareholding investments. The disposal of the Dacta business/assets, and the minority shareholding in the LEGO Education Europe joint venture, have now been completed in line with the Group's strategic focus objective.
Prior to the establishment of the joint venture, Dacta distributed LEGO products and a number of other brands including Tolo. Dacta continued to distribute the latter following the establishment of LEGO Education Europe.
Certain non-core elements of the Dacta business have now been sold to Tolo Toys Learning Limited. The consideration was €0.27M in cash (€0.1M on completion and the remainder on a deferred payment basis).
The Group's 49% stake in LEGO Education Europe has been sold to LEGO A/S for a total cash consideration of €4.4M being €2.2M consideration for shares and associated rights and €2.2M of debt repayment. The remaining business, assets and employees of Dacta Limited involved with the support of LEGO Education Europe will transfer to LEGO.
The aggregate gross asset value disposed of in these transactions was €4.1M at 31 October 2011 (including €2.9M of goodwill) and, for the year to 30 September 2010, these businesses contributed €1.35M (£1.2M) to Group profit before tax. On a consolidated basis the businesses are expected to be loss making for the fourteen months to 30 November 2011.