Accounts (7765Z)
20 Janvier 2011 - 8:00AM
UK Regulatory
TIDMTWL
RNS Number : 7765Z
Weather Lottery PLC (The)
20 January 2011
THE WEATHER LOTTERY PLC
Ticker: TWL
("The Weather Lottery", "TWL" or the "Company")
Accounting Provisions
Dated: 20 January 2011
The Company published and announced its accounts for the year
ended 31 July 2010 (the "Accounts") on 4 January 2011.
Since that date, and as stated in the announcement of 14 January
2011, two former employees have been charged with fraud and theft.
The Accounts already included a provision of GBP40,000 to cover the
potential payments to be made to winners in respect of this fraud
together with a debtor of GBP40,000 to recover this money under an
equitable charge on shares belonging to one of the accused, Mr.
Keith Milhench, a former director of the Company. Specific
reference could not be made in the financial statements at the time
for legal reasons. As the situation has only been clarified since
publication of the accounts it is now clear that TWL must make a
further provision of GBP30,000. The directors do not propose
revising the published accounts in respect of this post balance
sheet event and instead the further provision will be reflected in
the interim results to January 31st 2011. Had the additional
provision been shown within the published accounts then the loss
for the year to 31 July 2010 would have been GBP107,000 and the
loss per share 0.1p.
ENDS
For further information contact:
The Weather Lottery PLC
Ross White 01777 818036
Website www.theweatherlottery.com
Religare Capital Markets (Nomad) 020 7444 0800
Nick Harriss
SVS Securities (Broker) 020 7638 5600
Ian Callaway/Alex Mattey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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