Acquisition (0562F)
18 Avril 2011 - 8:00AM
UK Regulatory
TIDMTWL
RNS Number : 0562F
Weather Lottery PLC (The)
18 April 2011
THE WEATHER LOTTERY PLC
("TWL or the 'Company")
Acquisition of Soccerdome Limited
18 April 2011
The board of directors of TWL (the "Board") is pleased to
announce that it has agreed terms to acquire the entire issued
share capital of Soccerdome Limited ("Soccerdome"), which owns and
runs a five-a-side football facility in Nottingham. The terms
outlined below are subject to final agreed contracts; however the
key terms of the acquisition are not expected to be altered. The
Company will provide a further update to the market once the
acquisition process has proceeded further, including further
information on the acquisition.
Soccerdome will be purchased for a consideration of GBP375,000,
to be settled by the issue of 75,000,000 new ordinary shares of
0.1p each in the Company, at an issue price of 0.5p per share (the
"Consideration Shares"). Soccerdome made an operating loss of
approximately GBP10,000 in the year to 31 January 2011 and had
gross operating assets of approximately GBP505,000. TWL has also
agreed to enter into a consultancy agreement with the vendor of
Soccerdome, Reginald Brearley, to develop organically and by
acquisition other five-a-side football facilities in the UK. Mr.
Brearley was one of the founding investors and developers of
Glasgow Open Air Leisure Services, which went on to become Goals
Soccer Centres plc and become a market leader in the UK in the
provision of five-a-side football facilities. Mr. Brearley has
significant experience within the football industry as a former
Chairman of Sheffield United Football Club and his experience
should be valuable in developing the Company's broader links within
the football sector. He has demonstrated his confidence in the
future of the business by agreeing to an all share consideration.
Mr. Brearley will hold 21.89% of the enlarged ordinary share
capital of the Company if the acquisition of Soccerdome is
completed.
The acquisition, when completed, will be a further expansion
into the football related leisure industry, following the Company's
expansion in this sector last year. The Board believes that it
complements the Company's other activities, in particular the
lottery business, and that there are significant cross selling
opportunities for the Company's lottery and gaming products amongst
the users of the Soccerdome facilities. The Board also believes
that the acquisition of a business with a tangible asset base in
the sports and leisure related sector will complement the more
volatile gaming and lottery operations.
An update will be provided to the market once the acquisition
process has proceeded further, including additional information on
the acquisition.
Lord Razzall CBE commented, "we are pleased to have agreed, on
what we believe are favourable terms, the acquisition of a sound
business for which there is continuing demand. In recent years
five-a-side centres have become a major venue for the social
leisure and exercise activities of the population. TWL is keen to
develop as a major player in this market. We welcome the experience
and knowledge of the vendor to help us achieve this".
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/Peter Trevelyan-Clark
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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