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Mail daily conquers 45 million pounds loot | Business

A £10 bridge credit is included in the purchase in cash of the Loot Group of periodicals to the Daily Mail and General Trust. 5 million to prevent an immediate liquidity crisis in the on-line directorieservice. Scoot's technological stocks are still for sale. Booty, which was the only part of Scoot that ever made a gain, is selling for a fourth of the 189 million pounds it was purchased for last year.

At the same time as the transaction, the relation between the blue-chip fund Merrill Lynch and Scoot also ends. When Merrill was named a brokers, Scoot was worth more than 2 billion, but after a 98% decline in Scoot's rating, the US Finance Group chose to separate its relations with the group. Scoot said 3. 5m of bypassing cash would be used immediately to reimburse unpaid bench debt and the balance would go to stations that meet working capitals requirement.

Scoot now has enough money to keep it "well into next year", a spokesperson said. Scoot is expected to receive the remaining £45 million in October. Approximately 17.5 million pounds will be issued for the redemption of bonds that Scoot will leave with approximately 24 million pounds in the account. This is unlikely to be sufficient to finance the business to viability, which reinforces the city's perception that Scoot is unlikely to stay afloat.

According to the conditions of yesterday's agreement, DMGT acquires the prey business in the UK and 96% of its equivalent in Ireland. At DMGT we own several local advertising journals and financial manager Peter Williams said: "Loot, which is strongly involved in real estate letting, is likely to be strongly crossed with the London Evening Standard, a DMGT document that is strongly represented in classifieds.

The DMGT refused the opportunity to buy Scoot in its totality. Scoot's ascent and descent was one of the point's most dramatically told tales. com booms and buses. Vivendi Universal, the Vivendi Group, has invested 300 million in the business, but was compelled to depreciate its capital expenditure following the collapse of its stockmarket.

Underscoring how far Scoot has been compelled to withdraw, the firm said yesterdays that it abandoned its Nasdaq list, which was initially targeted when the firm had an eye on expanding in the US. At first glance, the Scoot.com history is just an everyday history of an online start-up.

There was a stock market crash, enormous loss, changed trading patterns and a serious liquidity crisis. Nevertheless, Scoot is one of the most unusual stories of the dot.com age. After reinventing Scoot as a web-based company, Scoot's stock raced and web equities were in fashion.

The Vivendi company injected 300 million into the shop, financed the Loot takeover and helped Merrill Lynch, one of the city's most renowned banking institutions, win Scoot as a customer. Subsequently, anonymized files began to circulate in the city, alleging that Scoot had forged some subscription numbers. There have been no measures taken, although Scoot's loss has increased in the meantime and its stock has fallen.

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