Settlement
12 Septembre 2008 - 3:26PM
UK Regulatory
RNS Number : 2990D
Playgolf (Holdings) PLC
12 September 2008
Playgolf (Holdings) plc
12 September 2008
Playgolf (Holdings) plc
("Playgolf" or "the Company")
Further to our announcement of 22 July 2008 the Board of Playgolf, the developer and operator of multi-sport facilities in the UK,
announces today that the Company and its bankers have reached a settlement with the Kilmartin Property Group Ltd ("Kilmartin") concerning
the Company's joint venture with Kilmartin, Playgolf Kilmartin Limited, at the East Kilbride development. For the financial year to 31
December 2007, Playgolf Kilmartin Limited recorded a loss of �76,135 and had net assets of �1.92 million. Under the terms of the settlement
Playgolf has sold its shareholding in the joint venture to Kilmartin for a cash payment of �500,000 and received repayment of an
intercompany loan of �190,880. The cash proceeds from the sale will be used to strengthen the Company's balance sheet.
We are also pleased to announce that the Company has signed a 15 year lease to operate the golf course, golf academy and driving range
at the East Kilbride site.
The Company remains fully committed to the success of the project and will be actively working with Kilmartin to promote and let the
development.
- ends -
Contacts:
Mike Mealey
Playgolf (Holdings) plc 01926 422 320
Paul Shackleton/Tessa Smith
Daniel Stewart & Company plc 020 7776 6550
Mark Longson
Square1 Consulting Ltd 020 7929 5599
This information is provided by RNS
The company news service from the London Stock Exchange
END
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