Company Restructuring & Board Change

 

TIDMADE TIDMPLEI 
 
RNS Number : 4234A 
ADDleisure PLC 
07 October 2009 
 

ADDleisure Plc / Epic: ADE.L / Index: AIM / Sector: Leisure 
7 October 2009 
ADDleisure Plc ('ADDleisure' or 'the Company') 
Company Restructuring & Board Change 
 
 
ADDleisure Plc, the AIM traded company formed to develop products and services 
in the health and wellness sector, announces that its 50.2% owned subsidiary 
Ez-Runner, the web based leisure management software business, entered into 
administration on 5 October 2009. 
 
 
Following the placement of Ez-Runner into administration, ADDleisure has 
subsequently been advised that a management team, led by Stefan Drummond, a 
director of Ez-Runner, has purchased Ez-Runner from the administrators, Atherton 
Bailey. 
 
 
Further to this, David Cummin, the Company's Technical Director, has stepped 
down from the Board of ADDleisure and Ez-Runner Limited ('Ez-Runner') with 
immediate effect. Mr. Cummin established Digital Plantation Limited ('Digital 
Plantation') in 2003 before the Company acquired a 50.2% shareholding in the 
business in 2005. ADDleisure announced in October 2008 that Digital Plantation 
had acquired the total issued share capital of ClubRunner (Europe) Limited and 
the newly formed enlarged company changed its name to Ez-Runner Limited. 
 
 
The restructuring of the Company will see ADDleisure focussing solely on its 
wholly owned subsidiary Fitbug Limited which holds the rights to Fitbug, the 
online personal health and well-being coach. The Board believes that Fitbug 
Limited, which has an exciting pipeline of new business with major corporates, 
Primary Care Trusts and health insurance companies, has the strongest potential 
to derive value for ADDleisure shareholders in the medium term. 
 
 
The Company intends to raise new capital by way of a Placing through its broker 
Seymour Pierce and in order to accommodate the short term cash flow requirements 
of the Company, Allan Fisher, David Turner and Pantheon Leisure Plc ('the 
Lenders') are making available an amount of GBP250,000 ('the Facility') to 
Fitbug Limited by way of bridging finance which will be repaid on completion of 
the placing. This Facility will be used for general working capital, research 
and development to leverage the Fitbug product into new markets and geographic 
territories. The Facility is being provided interest free providing the entire 
amount is repaid on successful completion of a Placing on or before 31 January 
2010. If the Facility is not repaid by 31 January 2010 an interest rate equal to 
LIBOR plus 5 per cent. per annum will become payable. The Facility shall 
thereafter be repayable on demand. 
 
 
The bridging finance provided by Allan Fisher and David Turner, both directors 
of ADDleisure, and Pantheon (a substantial shareholder of the Company within the 
meaning of the AIM Rules) is a related party transaction within the meaning of 
the AIM Rules. The Company has consulted Seymour Pierce Limited, the Company's 
Nominated Adviser, which considers the terms of the bridging finance fair and 
reasonable. 
 
 
** E N D S ** 
 
 
For further information visit www.ADDleisure.com or contact: 
+----------------------------+----------------------------+-------------------+ 
| Andrew Brummer             | ADDleisure Plc             | Tel: [phone]     | 
|                            |                            | 1000              | 
+----------------------------+----------------------------+-------------------+ 
| Mark Percy                 | Seymour Pierce             | Tel: [phone]     | 
|                            |                            | 8000              | 
+----------------------------+----------------------------+-------------------+ 
| Susie Callear              | St Brides Media & Finance  | Tel: [phone]     | 
|                            | Ltd                        | 1177              | 
+----------------------------+----------------------------+-------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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