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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Soccercity | LSE:SOC | London | Ordinary Share | GB0032742339 | 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% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9918Z Soccercity PLC 11 July 2007 Soccercity plc (the "Company") Proposed disposal of certain of the Company's business and assets located at Fareham, Hampshire and Notice of Extraordinary General Meeting On 10 July 2007, the Company entered into a conditional agreement to dispose of the business and assets of the Company's indoor football centre at Fareham, Hampshire, including contracts and employees, but excluding cash in hand, all credit bank balances and trade and other debts owing to Soccercity, to Holyrood. The consideration for the Disposal will be #697,000 payable in cash on Completion. Under the AIM Rules, the Disposal is classified as a disposal resulting in a fundamental change of business. It is a requirement of the AIM Rules that the Disposal be approved by Shareholders at an extraordinary general meeting of the Company. A notice convening an EGM for 9.00 a.m. on Friday, 27 July 2007 to be held at the offices of WH Ireland, 11 St. James's Square, Manchester, M2 6WH has been despatched at which the Resolution to approve the Disposal will be proposed for Shareholder approval. Fareham indoor football centre The indoor football centre at Fareham is one of four centres within the Group, the other three being in Leeds, Huddersfield and Bradford. The Fareham centre, located on the south coast, is a long established business focused on providing indoor small sided football pitches, together with a children's play area. Fareham operates 2 indoor small sided football pitches from the Premises. Reasons for the Disposal and use of proceeds Following a strategic review, the Board believes that the proposed sale of Fareham to Holyrood represents an opportunity for the Group to realise value and will enable the Directors and management team to focus on the Group's core business interests in the North of England. The net sale proceeds from the Disposal of #672,000 will be used by the Company to invest in its remaining football centres, together with the development of new business at these centres. In addition, #194,118 from the Disposal proceeds will be used to repay outstanding debt owed, in aggregate, to Ian William Currie and Richard Ian Hughes. Principal Terms of the Agreements The Company has entered into the Disposal Agreement under which Holyrood will acquire Fareham for a consideration of #697,000 payable on Completion. Completion of the sale of the business is conditional on (i) the passing of the Resolution at the EGM; and (ii) on the landlord of the Premises entering into agreements for the assignment and extension of the lease of the Premises on terms satisfactory to Holyrood. The Disposal Agreement contains warranties and indemnities given by the Company to Holyrood in connection with, amongst other things, the assets, trading and employees of the business of Fareham. These warranties are valid for a period of two years from Completion. As part of the terms of the Disposal Agreement, the Company will upon Completion enter into a licence agreement whereby the Company has agreed to permit Holyrood to carry on the business and operations of Fareham under the 'Soccercity' name for a period of 24 months from Completion and to have limited use and access to Soccercity's customer booking, results and league table system to assist Holyrood to operate and organise its administration of the business. Financial effects of the Disposal In the financial year to 31 January 2007, the Fareham centre recorded unaudited turnover of #718,000 and a profit of #191,000, before depreciation and certain central Group costs. The net assets of the Fareham centre as at 31 January 2007 were #823,000, which includes goodwill of #727,000. Extraordinary General Meeting The Disposal is conditional, inter alia, on the approval of the Resolution by Shareholders. An extraordinary general meeting has been convened for 9.00 a.m. on Friday, 27 July 2007 to be held at the offices of WH Ireland, 11 St. James's Square, Manchester, M2 6WH at which the Resolution will be proposed. Recommendation The Directors consider that the terms of the Disposal are fair and reasonable and in the best interests of the Company and its Shareholders. Accordingly, the Directors unanimously recommend Shareholders to vote in favour of the Resolution as they intend to do in respect of their own beneficial holdings of 5,755,625 Ordinary Shares representing approximately 4.36 per cent. of the issued share capital of the Company. For further information please contact: Norman Molyneux, Soccercity Tel: +44 1942 322 256 David Youngman, WH Ireland Limited Tel: +44 161 832 2174 Copies of the circular despatched to Shareholders are available from the Company's registered office: Douglas Bank House, Wigan Lane, Wigan, WN1 2TB. Definitions "Agreements" the Disposal Agreement and the License Agreement "AIM" a market operated by London Stock Exchange plc "AIM Rules" the AIM Rules for Companies governing the admission to and the operation of AIM published by London Stock Exchange plc as amended from time to time "the Board" or "the the directors of the Company as at the date of Directors" this document "Company" or "Soccercity" Soccercity plc, a company registered in England & Wales with registered number 4627976 "Completion" the date on which the Disposal Agreement becomes unconditional "Disposal" the disposal by the Company of Fareham, pursuant to the terms of the Disposal Agreement "Disposal Agreement" the conditional agreement dated 10 July 2007 made between the Company (1) Holyrood (2) and Ian William Currie (3) pursuant to which the Company has agreed to sell Fareham. Further details of this agreement are set out on page 7 of this document "EGM" the extraordinary general meeting of the Company, convened for 9.00 a.m. on Friday, 27 July 2007, and any adjournment thereof "Fareham" the business and assets of the Company's indoor football centre and children's play area at Fareham, Hampshire "Group" Soccercity and its subsidiaries "Holyrood" Holyrood Leisure Limited, a company registered in England & Wales with registered number 6227624, a company jointly owned by Ian William Currie and Richard Ian Hughes "Licence Agreement" an agreement to be entered into between the Company (1) and Holyrood (2) upon Completion pursuant to which the Company will grant a licence to Holyrood to use the name "Soccercity" in connection with the business and operations of Fareham "Ordinary Shares" ordinary shares of 1p each in the capital of the Company "Premises" means Fareham's premises at Fareham Industrial Park, Wallington, Fareham, Hampshire "Resolution" the resolution to be proposed at the EGM, details of which are set out in the notice of EGM at the end of this document "Shareholders" holders of Ordinary Shares "WH Ireland" WH Ireland Limited This information is provided by RNS The company news service from the London Stock Exchange END DISRMMITMMJBBPR
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