We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Base Grp. | LSE:BS. | London | Ordinary Share | GB0000566389 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0529S Base Group PLC 13 November 2003 Base Group plc ("Base" or "the Company") Disposal of the entire share capital of Time Management Global Limited ("TMG") and Base Soccer Agency Limited (together "the Soccer Businesses") The Directors of Base report that the entire issued share capitals of the Soccer Businesses have been sold to Base Sport Limited, a newly formed company of which Leon Angel, a former director of Base, has a majority stake. Unaudited management accounts for the six months ended 31 August 2003 indicate that the Soccer Businesses generated an aggregate loss before taxation of approximately #560,000. According to the same management accounts, the aggregate net liabilities of the Soccer Businesses as at 31 August 2003 were approximately #850,000. The consideration for the sale is #1 in cash for each company with all liabilities remaining the responsibility of the Soccer Businesses, other than the amounts due to Base totalling approximately #1 million, which are to be written off by the parent company. The Soccer Businesses are agents for football players and management, but have had an extremely disappointing year as a result of the worsening in the fortunes of the football sector in general. This is reflected in a significant reduction in the number of transfers completed and the value of such transfers thereby adversely impacting the revenue generating prospects for the Soccer Businesses. This has been exacerbated by the recent introduction of the transfer windows between May and August and in January. With the prospect for the short-term future being extremely limited due to there only being a one month transfer window in the next six month period, there is likely to be no significant cash inflow until mid 2004 at the earliest. As such, the Directors do not believe that the Soccer Businesses remain commercially viable and having considered the matter with the Company's advisers, are of the opinion that preserving the remaining cash within the Company (which will total approximately #500,000 after payment of costs) is preferable to risking that the group would run out of cash before the summer transfer window opens. Discussions were held with potential purchasers of the Soccer Businesses, but negotiations did not lead to any formal offers being received. With the only alternative being the closure of the Soccer Businesses, the Board considered an approach from Leon Angel, a former director of Base and the previous owner of the Base Soccer Agency, to acquire the Soccer Businesses for #1 each, assuming all liabilities, other than inter-company debt due to Base, but including the lease at Little Portland Street, London W1 which does not expire until 2007 and has a cost of more than #100,000 per annum. Following the sale, Base will be a shell company with no trading activities and approximately #500,000 in the bank and no on-going overheads, other than basic plc running costs. The Board, having consulted with its nominated adviser, Collins Stewart, believe that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. Having due regard to the significant cash outflow currently being experienced in the business, and the expected cash outflow in the period until March 2004, the Directors believe that the best course of action is to sell the operations of the Group through the disposal of the Soccer Businesses. 13 November 2003 For further information contact: Adrian Bradshaw, Chairman 020 7495 5524 This information is provided by RNS The company news service from the London Stock Exchange END DISNKNKDABDDKDD
1 Year Base Group Chart |
1 Month Base Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions