Update and Heads of Terms


 

TIDMLNG 
 
RNS Number : 1981Q 
Leisure & Gaming plc 
30 July 2010 
 

 
 
 
                      Leisure & Gaming plc ("the Company") 
 
                            Update and heads of terms 
 
Since suspension of trading on AIM on 21 May 2010, the Company has undertaken a 
further review of its operations, outlook and cash flows.  The Company has 
continued trading although has had to limit the Company's exposure to betting 
losses during the World Cup.  As result of this policy, the net win from sports 
betting was smaller than would have otherwise been anticipated. 
 
The unaudited results for the second quarter ended 30 June 2010 were 
·     Amounts wagered EUR34.7m (2009: EUR38.5m). 
·     Net win EUR4.4m (2009: EUR5.2m). 
·     Gross profit EUR0.6m (2009: EUR1.2m) 
 
The Board concluded that without a significant injection of funds, the only 
course available would be to sell its operating business for the best price 
achievable.   Having solicited and entertained a number of approaches, the 
Company announces that it has now signed heads of terms to sell Betshop Group 
(Europe) Limited, its main trading subsidiary. The Company expects to announce 
full details of the transaction and post a circular to shareholders seeking 
authority for the disposal within the next month. 
 
The Company has now secured a loan facility of up to EUR300,000 for a period of 
two months which will provide sufficient working capital to allow the Company to 
complete the disposal, if approved by shareholders. 
 
The proposed disposal will result in a fundamental change of business, pursuant 
to Rule 15 of the AIM Rules.  On disposal, the Company will becoming an 
investing company as defined by the AIM Rules.  If the proposed transaction does 
not proceed, the Company will have insufficient working capital to allow it to 
continue to trade. 
 
The Company expects to call a General Meeting of shareholders in early 
September, details of which will be published in the forthcoming circular. 
 
 
For further information, please contact: 
Richard Creed, 
Leisure & Gaming plc 
Tel 020 8545 2190 
 
Geoff Nash, Charlotte Stranner (Corporate Finance) 
FinnCap 
Tel 020 7600 1658 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEKLFLBDFXBBV

Leisure & Gaming (LSE:LNG)
過去株価チャート
から 10 2024 まで 11 2024