Seven shareholders in Limerick-based Treaty Radio Limited will share €15.74 million, following the completion of its sale to Ulster Television (UTV).

The biggest beneficiary is Mr Liam Woulfe, who managed Golden Vale's dairy division and now runs Kerry's dairy operations. He will receive €3.34 million for his shareholding.

Mr Alan McEvoy and Mr P.J. O'Riordan will each receive around €3.15 million as a result of the deal, while Mr Martin Ryan will get just more than €3 million.

Golden Vale Marts (in trust of Tom Nelligan) will pocket €1.57 million, with Mr Gay Mangan taking around €1 million and Mr James Deegan netting just over €470,000.

UTV announced the completion of the acquisition of Treaty Radio yesterday after regulatory clearance had been granted by the Broadcasting Commission of Ireland and the Minister for Enterprise, Trade and Employment. In addition to the €15.74 million it is paying for the station, UTV is also assuming liability for the net debt of the station, which is around €1.17 million.

Treaty Radio operates Live95FM, an independent local radio station in Limerick. Since its establishment in 1997, Live95FM has become an established player in the local radio market with around 990,000 listeners in the area, 38 per cent of the market.

The station's unaudited figures for the year to December 31st, 2001, show a turnover of €2.61 million.

Taking into account certain non-recurring items with a value of €0.1 million, the adjusted unaudited EBITDA and operating profit figures for Treaty Radio for the year ended December 31st were €0.9 million and €0.72 million respectively.

Last year, UTV paid €14.2 million for the 40 per cent of Cork-based County Sound it did not already own.