RNS Number:3214Q
Georgica PLC
30 September 2003

EMBARGOED UNTIL 7.00 AM                                       30 September 2003



                           GEORGICA PLC ("Georgica")

                                 Trading update

      Posting of Circular relating to Megabowl Group Limited ("Megabowl")





Trading update



Georgica's trading continues to strengthen. Same outlet sales in our Cue Sports
business rose by 1.0% during the 6 months ended 29 June: In July, such sales
rose by 3.9%, in August by 3.7% and to 28 September by 8.2% giving a rise for
the quarter of 5.1%.  Similarly, Allied Leisure's same outlet sales in the first
half of the year increased by 3.5%: In the last three months such sales
increased by 4.3%.



Posting of circular



On 16 September 2003, Georgica and Duke Street Capital Limited ("Duke Street
Capital") entered into option agreements which give first Georgica and then (if
Georgica's option is not exercised) Duke Street Capital the right to acquire the
interests of the other in Megabowl.  Exercise of Georgica's option would entail
a payment to Duke Street Capital of approximately #23 million in aggregate
thereby valuing Megabowl as a whole at approximately #74 million including bank
debt.  Megabowl's recent performance has been poor due, in the view of the
Board of Georgica (the "Board"), to a number of factors including its overly
complex financial structure, continuing uncertainty over its ownership and the
flawed joint venture agreement.  However, the Board believes that Megabowl has
considerable potential and that under Georgica's sole ownership its performance
would improve significantly.  The Board's preliminary view is that Megabowl
should be capable of achieving a run rate profitability equivalent to annual
EBITDA of at least #16 million after two years in Georgica's ownership and after
considerable reorganisation; this view is at present being verified by detailed
due diligence.  The unaudited accounts of Megabowl for the year ended 29 June
2003 show that it generated EBITDA before exceptional items of #10.5 million.
Georgica will only exercise its option if the Board believes the performance of
Megabowl can be enhanced materially.



A circular has been posted to Georgica shareholders giving notice of an
extraordinary meeting, to be held on 22 October 2003, at which a resolution will
be proposed for a conditional increase in Georgica's share capital in connection
with the agreements that have been entered into with Duke Street Capital
concerning Megabowl.




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