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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:8411M Soccercity PLC 30 January 2008 Soccercity plc (the "Company" or "Soccercity") Loan arrangements and intention to seek cancellation of admission of ordinary shares to AIM The directors of the Company are pleased to announce that Soccercity has secured commitments from certain of its existing shareholders to provide loan facilities of, in aggregate, £100,000 to the Company (the "Loan Arrangements"), of which £75,000 has been made available by Mr RJR Keeling and £15,000 by Mr JT Fall, who, as substantial shareholders in the Company are each considered to be related parties (the "Related Party Loans"). Pursuant to the Loan Arrangements, £40,000 of these facilities (the "Loans") has been drawn down by the Company. The Loans are interest free and repayable by the Company on the third anniversary of drawdown, at which time they will be repayable in full together with a premium of two times the amount drawn down. Amounts drawn down pursuant to the Loan Arrangements are proposed to be secured by way of a fixed and floating charge over the Company's assets. The Company intends to use the Loans to fulfil the Company's working capital requirements. The directors of the Company consider, having consulted with the Company's nominated adviser, WH Ireland Limited, that the terms of the Related Party Loans are fair and reasonable insofar as Soccercity's shareholders are concerned. The directors of the Company further announce that discussions are well advanced with certain creditors who have indicated their willingness to convert some or all of their outstanding debts into ordinary shares in the Company ("Ordinary Shares"). The Company is seeking to convert approximately £100,000 of such debt into Ordinary Shares. Given the size of Soccercity and the lack of liquidity in the Company's share capital, the Board no longer considers the costs of being a public company and of having the Company's shares admitted to trading on AIM to be justifiable. Accordingly, the directors of the Company announce their intention to seek the approval of the shareholders of the Company to have the admission of its shares to AIM cancelled. The Board intends to write to shareholders shortly to convene a general meeting at which, among other things, a special resolution will be proposed to effect the cancellation. For further information, please contact: Norman Molyneux, Soccercity plc Tel: 01942 322 256 David Youngman, WH Ireland Ltd Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END MSCBMMLTMMJJMRP
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