MBUK's managing editor leaves for pastures new

"I'm moving on entirely for personal reasons. I'm considering becoming a woman," says Mick Taylor, "and I just can't stretch to it on the money Future pays me. It's all about me, myself and Irene - which is who I'll be known as henceforth."
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"Er, actually I'll be pursuing some freelance opportunities. Less scrupulous types may veer into conjecture that it's in some way connected to Future. However, the fact that both Justin and I are leaving at the same time is pure coincidence.

"I speak for both of us when I say that Future remains a fantastic company and an extremely rewarding place to work. MBUK has an incredibly strong team and will continue to go from strength to strength as the clear market leader in the MTB mag market during this next stage in its evolution."

Whilst the future for MBUK looks as rosy as usual, the future for Future is still uncertain.

The Future Network PLC suspended its shares at the end of September in order to steer through a refinancing package.

There will be a 6 for 5 Rights Issue at 20 pence per share to raise £33m net of

expenses with an amended £35m five-year revolving debt facility. Management changes include Chris Anderson - Future's founder - stepping down from position of chairman to non-executive director. Roger Parry has been appointed as chairman.

On the refinancing, Parry said:

"Having considered a number of alternatives, we have concluded that shareholders' interests are best served by a rights issue, which enables them to participate in the future of the business. The proceeds will be used to repay group debt and to establish a more appropriate capital structure for the group."

The Rights Issue is subject to shareholder approval at an Extraordinary General Meeting on 15 October in London.

It is expected the Future Network's shares will be readmitted to trading on the London Stock Exchange the day after the EGM.

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