Update on Nottingham five-a-side Football Facility (2437G)
27 Juin 2012 - 10:00AM
UK Regulatory
TIDMTWL
RNS Number : 2437G
Weather Lottery PLC (The)
27 June 2012
THE WEATHER LOTTERY PLC
("TWL" or the "Company")
Update re Nottingham 5-A-Side Football Facility & New
Corporate Website
27 June 2012
The Board of TWL are pleased to announce that Nottingham City
Council intend to redevelop the Harvey Hadden leisure centre
involving an investment of around GBP13m on new state-of-the art
sports facilities. TWL, through its wholly owned subsidiary
Soccerdome Limited, holds a lease until 2031 over a part of the
site under which it operates a five-a-side facility with eight
courts. Its legal position in this regard is acknowledged by the
Council.
The development at Harvey Hadden will include an Olympic size
swimming pool and a mix of other sports facilities together with
modern communal facilities. Work is likely to commence in early
2013 and the site will be closed for two years. TWL is in
negotiations with the City Council regarding this period.
On completion Soccerdome Limited will operate the most modern
facilities in a development in which the footfall will be
significantly increased. The capital value of the asset it is
believed will also be significantly increased representing a major
investment as well as greatly increased revenue for TWL for years
to come. The decision by Nottingham City Council to concentrate
this development at Harvey Hadden is, the Directors of TWL believe
a source of real long term value for the Company. This is a very
exciting multi-million pound civic development with the Soccerdome
facility playing an important part in it.
The Board of TWL has due regard to its rights under the lease it
holds over the property. Discussions with the Council are ongoing,
but the Board of TWL expects there to be no material impact in
terms of the Company's profitability from this situation.
The Company's AIM Rule 26 website can now be found at
www.theweatherlotteryplc.com/
For further information contact
The Weather Lottery PLC
John Botros (Company Secretary) 07714 209 346
Allenby Capital (Nomads)
Nick Harriss/Nick Athanas/James Reeve 020 3328 5656
SVS Securities (Broker)
Ian Callaway 020 7638 5600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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