Admission to AIM
13 Septembre 2006 - 9:00AM
UK Regulatory
13 September 2006
The Weather Lottery plc
("Weather Lottery" or "the Group")
Admission to AIM
The Weather Lottery plc (ticker: TWL), the specialist lottery group which raises
money for charities, sports clubs and educational establishments, announces
today that the Group's shares have been Admitted to trading on the Alternative
Investment Market ("AIM") of the London Stock Exchange.
HIGHLIGHTS
The Weather Lottery has established a strong reputation, with over 20,000
people already participating in the Lottery;
Operates in a market sector estimated to be in excess of �3 billion, while
the total gambling market is estimated to be worth �53 billion;
Has recently entered into an agreement with the National Trust, a charity
which aims to protect historic sites and has over 3.4 million members and 43,000
volunteers;
Has a significant number of high profile corporate clients including major
charities, football clubs and schools amongst many others;
The Group, through its wholly owned subsidiary Prize Provision Services, is
authorised by the Gambling Commission (formerly The Gaming Board for Great
Britain) and holds one of only 15 External Lottery Manager Licences granted in
the UK;
Faces limited competition in its specialist market area and the Directors
believe there are ample opportunities to further grow the business.
Commenting today, Managing Director, Keith Milhench, stated: "Today's Admission
to AIM is a very positive step for the Weather Lottery and coupled with our
exciting new project with the National Trust, will help further develop the
Group's already well-respected reputation. We look forward to continuing the
growth of the Group and to cultivating new Beneficiaries and Players, with the
ultimate aim of providing funding for many good causes."
For further information:
The Weather Lottery PLC 0113 2750002
Keith Milhench
Website www.theweatherlottery.com
SVS Securities 020 7638 5600
Ian Callaway/Peter Manfield
ARM Corporate Finance Ltd 020 7512 0191
Nick Harriss
City Road Communications 07947 186694
Paul Quade 020 7248 8010
ADMISSION STATISTICS
Admission Price: 8 Pence
Current Ordinary Shares in Issue: 73,202,000
Number of Ordinary Shares on Admission: 77,054,737
Market Capitalisation: �6,164,379
Director's shareholdings expressed as a percentage
of the total shares in issue on Admission: 26.51%
INFORMATION ON THE GROUP
The Weather Lottery helps its clients (known as "Beneficiaries") raise funds for
special projects and general development by providing the management and
services to enable lotteries to be run on a daily basis. The Lottery provides a
no-risk cash stream for "Beneficiaries", providing vital income for their chosen
cause and has been running for over eight years with an ever-increasing number
of Beneficiaries and Players.
Players of the Lottery have five chances per week to win the �10,000 daily prize
at a cost of �1.00 per week. The Player may also win lesser prices of �2, �20
and �200. There is no need for Players to monitor their numbers, as the system
is fully automated and the prizes are posted by cheque directly to winners. Each
time a player spends money on the Lottery they are helping their chosen special
charity/club/school to raise funds. The Lottery has raised income for computers
for education, equipment for sports clubs and additional funds for charitable
causes.
The lottery operates daily, five days a week. Players can spend �1 per for four
weeks or �13 a quarter by standing order. They select six numbers (between zero
and nine) and every day the last digit of the recorded temperature for six
places around the world, as reported in Fahrenheit in the Daily Telegraph.
Prizes are won by matching from three to six numbers. A bespoke software
package scans all the entries for winners. The six cities used to select the
lottery numbers do not change. They are Corfu, Istanbul, Tenerife, Innsbruck,
Edinburgh and Stockholm.
Each client receives 35 per cent of every �1 invested in a lottery line. Of the
rest, 45 per cent is for the prizes, with 20 per cent going to the Group for
providing the administration.
The Group, through its wholly owned subsidiary Prize Provision Services, was
granted an External Lottery Managers Certificate by the Gambling Commission on 7
October 2004 which it uses to run the Weather Lottery. There are only 15
External Lottery Managers Certificates currently in issue. This is therefore a
key barrier to entry for new competitors.
CLIENTS
The Weather Lottery currently has over 20,000 players playing over 27,000
lottery lines weekly of whom 96 per cent pay by standing order. The Group's
1,500 clients include a number of large blue chip multi-national organisations
such as: The National Trust; Round Table Children's Wish; The National
Childbirth Trust; The Motor Trade Benevolent Fund ("BEN"); Premiership,
Championship and amateur football clubs; Premiership and National League and
amateur rugby clubs; national charities; political parties; schools and
universities. A full list of clients is available on the Group's website:
www.theweatherlottery.com.
The Directors believe there are well over 1 million clients who could benefit
from raising funds using the Weather Lottery and, with limited competition, the
growth potential is substantial. The areas for expansion are in education,
charity, sport and any non-profit organisation.
Client Example: National Trust
The Weather Lottery has recently entered into an agreement with the National
Trust to provide Lottery services. The National Trust has 3.4 million members
and 43,000 volunteers whose aim is to protect and open to the public over 300
historic houses and gardens and 49 industrial monuments and mills. Specially
designed tickets have been produced and are being distributed to 1.6 million
households.
The first tranche of households have recently been posted their tickets by the
National Trust and the Directors are hopeful of a positive response.
THE MARKET
The market in which Weather Lottery operates is estimated to be worth in excess
of �3 billion. The UK gaming market as a whole, in which the Directors believe
The Weather Lottery is well placed, is estimated to be worth �53 billion per
annum. In mid 2004, approximately 48 million people in the UK (80% of the UK
population) were over 16 years of age and, therefore, eligible to play
lotteries. Furthermore, 57% of UK households (in addition to most workplaces)
have internet access, providing a large potential market for the development of
online lotteries - a key target area for the Group.
The Directors believe that the market is growing and will continue to represent
strong opportunities for the Group.
GROWTH STRATEGY
The Directors have produced a programme of Commissioned Agent recruitment which
is planned from September 2006 to January 2007. It is hoped to recruit a
minimum of 100 new agents countrywide (geographically controlled) throughout
this period who will assist in the growth of the product for years to come.
The Group is now using web conference software which enables it to carry out
live web marketing presentations to up to 25 potential clients at a time. It
presents direct to clients' PCs an audio-visual Power Point presentation and
supplies additional whiteboard discussions on the benefits of raising funds
using the Weather Lottery product. The new software is dramatically reducing
travel and marketing time, thus increasing the number of potential clients that
can be reached. The Directors intend to expand the business by seeking new
players while, at the same time, developing the existing player base to its full
potential.
BOARD OF DIRECTORS
Non-Executive Chairman:
Andrew Moore, aged 47
Chief Executive:
Keith Milhench, aged 51
Finance Director:
Neil Grant McGowan, aged 67
Non-Executive Director:
Michael John Mills, aged 50
Broker to the float is SVS Securities and the Nomad is ARM Corporate Finance.
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