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MediaHouse Limited - Statement Re Debt Level
Hamilton, Bermuda, 6 December 2005 - The Bermuda Stock Exchange (BSX) has received the following announcement and comment from MediaHouse Limited (MHL.BH) concerning its current debt level. This statement is being made pursuant to the requirements of Regulation 6.13 of Section IIB of the BSX Listing Regulations and is as follows:-
"As noted in its recently released annual financial statements MediaHouse Limited obtained a mortgage of $6,500,000 secured on its properties in December 2004. This mortgage was used in part to repay all its bank loans and overdrafts that totaled $5,356,553 at September 30, 2004 (2003: $1,762,986). In May 2005 the mortgage was increased by $600,000.
The increase in the group's borrowings since 2003 has financed the business expansion of the Group's subsidiary Caribbean Publishing Company Ltd and the purchase of Bermuda.com. Chief Financial Officer Stephen Harrison considers the outlook for both these businesses to be positive."