Update on sale process (5686U)

TIDMBSLA

RNS Number : 5686U

Blacks Leisure Group PLC

23 December 2011

Blacks Leisure Group plc

("Blacks Leisure" or the "Company" or, together with its subsidiaries, the "Group")

Update on sale process

On 7 December 2011, the Board of Blacks Leisure (the "Board") announced that it wished to invite offers to support further investment in the Group, which was most likely to involve a sale of the Company or a sale of one or more of the Group's brands.

Following that announcement, a number of parties have submitted indicative offers to acquire the whole or substantially all of the trade, assets and brands of the Group. However, the Board notes that it does not have and does not now expect to receive an offer for the shares of Blacks Leisure. Accordingly the Takeover Panel has confirmed that the Company is now out of an offer period.

Blacks Leisure continues to hold discussions with a number of selected parties with a view to concluding the sale process in January 2012. Based on the level of indicative offers received, it is most unlikely that any value will be attributable to the ordinary shares.

The Group continues to be in constructive discussions with its lender, Bank of Scotland plc, who is supportive of the ongoing sale process.

A further announcement will be made in due course, if appropriate.

Enquiries:

 
 Blacks Leisure           Tel: [phone] 
 Peter Williams 
 
 Citigate Dewe Rogerson   Tel: [phone] 
  Simon Rigby 
 Kevin Smith 
 
 KPMG LLP                 Tel: [phone] 
 David McCorquodale 
 
 Singer Capital Markets   Tel: [phone] 
  Ltd 
 Jonathan Marren 
 

A copy of this document will be published on the Company's website at

www.blacksleisure.co.uk as soon as possible.

KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Blacks Leisure as financial adviser in relation to the formal sale process for Blacks Leisure and is not acting for any other person in relation to such sale . KPMG Corporate Finance will not be responsible to anyone other than Blacks Leisure for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any arrangement referred to herein.

This information is provided by RNS

The company news service from the London Stock Exchange

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