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Share Name | Share Symbol | Market | Type |
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Sound Surgical Tech | AMEX:LSV | AMEX | Ordinary Share |
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RNS Number:9942O Leisure Ventures PLC 22 August 2003 LEISURE VENTURES PLC Sale of The International Academy Plc Leisure Ventures plc ("Leisure Ventures" or the "Company") announces that it has completed the sale of 100% of the share capital of its wholly owned subsidiary The International Academy Plc ("TIA") to Thomson Travel Group (Holdings) Limited ("TTGH") for a consideration of #2m in cash, of which #1.8m is deferred and subject to the future performance of TIA. The deferred consideration is payable over a period of 4 years following completion. TIA is the only trading business of the Company and is a specialist leisure company providing holidays combined with sports coaching. In addition to two established skiing businesses, TIA has more recently expanded into the soccer arena. It has negotiated agreements with many of the world's leading football clubs in order to offer soccer coaching holidays for young people from around the world. TIA was acquired in August 2002 for a consideration of #8.3m, satisfied by the issue of 100.8m new ordinary shares in the Company. At the time of the Company's purchase of TIA, the Directors believed that it had established a new market niche in the sport-related travel sector and that TIA's contractual arrangements with FIFA and many of the world's leading football clubs would quickly generate considerable growth, particularly in the USA. Whilst growth has been achieved in some markets, the aftermath of September 11th, the continuing terrorist threats, the SARS outbreak and, most recently, the Iraq War have placed significant and unforeseen pressures on non-essential travel, especially in the USA where the Directors were anticipating most of TIA's growth. In the year ended 30 April 2003, the turnover of TIA was #3.5m and its post- acquisition loss was #1.4m. As at 30 April 2003, TIA had net liabilities of #2.4m inclusive of debts of #1.1m to the Company which are to be written off under the terms of the agreement with TTGH. As a result of the performance of TIA, the Company has made a significant loss in the financial year ended 30 April 2003. This loss has absorbed most of the cash resources of the Company. After consulting with advisers and major shareholders, the Directors for the Company pursued a number of alternatives in order to secure the long term financial stability of the Company and concluded that it was best to sell TIA to an organisation which is better placed to secure the necessary future funding requirements of the business. TTGH is part of TUI, one of the world's largest travel organisations and as such is clearly more favourably positioned to further develop TIA and its concepts and thereby secure the future earnings of the company. Immediately following completion of this sale, the Company will effectively be a shell company with cash resources of approximately #210,000 after receipt of the initial consideration from the disposal, and liabilities of a similar amount. It will have no commercial or trading operations. It is the intention of the Board of Leisure Ventures to establish or acquire companies, or interests in companies or businesses, which would benefit from a quotation on the AIM market and access to the capital markets. David Wright, Director and Company Secretary of the Company and Managing Director of TIA, has today resigned from the boards of both companies and the Directors express their thanks to him for his past services. Commenting on the disposal, Harry Coe, Chairman, said: "A series of unforeseen external factors have hampered the short term growth potential of The International Academy, specifically with regards to customers from the USA who were to be the real drivers for the soccer-training part of the business. Against this background and with no sustained respite in these difficult trading conditions, the Board has taken the decision to dispose of the business to an organisation with more resources in place to develop further this innovative, sports-training concept." - END - -------------------------------------------------------------------------------- Issued on behalf of Leisure Ventures plc by Biddicks For further information contact: Harry Coe, Chairman, Leisure Ventures plc Tel: 020 7448 1000 James Benjamin, Biddicks Tel: 020 7448 1000 David Youngman, W.H. Ireland Limited Tel: 0161 832 6644 This information is provided by RNS The company news service from the London Stock Exchange END DISPUUACRUPWGQP
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