Aug 8 (Reuters) - TLA Worldwide Plc TLAT.L :
* PROPOSED SALE OF AUSTRALIAN BUSINESSES
* AUSTRALIAN BUSINESSES HAVE BEEN SOLD ON A DEBT-FREE BASIS
* NET CASH PROCEEDS WILL BE USED TO REDUCE AMOUNT OUTSTANDING UNDER GROUP'S FACILITIES WITH ITS BANK
* BANK HAS ALSO AGREED TO WAIVE ANY OUTSTANDING BALANCE OF ITS FACILITIES ON RECEIPT OF NET CASH
* SUBSIDIARY, TLA ACQUISITIONS LIMITED, HAS ENTERED INTO AN AGREEMENT TO SELL TLA WORLDWIDE (AUSTRALIA) PTY LTD
* QMS SPORT HOLDINGS WILL PAY AN ENTERPRISE VALUE OF AUD28.235 MILLION
* ENTIRE PROCEEDS FROM SALE OF U.S. BUSINESS NET OF COSTS, WAS USED TO REDUCE INDEBTEDNESS TO GROUP'S BANK
* BOARD PROPOSES TO CHANGE COMPANY NAME TO "HAWKWING PLC"