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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sports Cafe | LSE:SCA | London | Ordinary Share | GB0030612864 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2391P Sports Cafe Holdings plc 09 January 2007 For immediate release 9 January 2007 Sports Cafe Holdings plc ("Sports Cafe or the "Company") Trading Update Further to the announcement made on 8 January 2007, Sports Cafe (AIM: SCA), the owner and operator of the Sports Cafe chain of leading licensed sports entertainment venues, provides a further update. Trading conditions slowed during the final quarter of the year and as a result the full year results will be below previous management expectations. During the fourth quarter, the Company commenced a cost cutting programme to streamline the business in line with current trading, including the previously announced withdrawal from the on-line gaming market. The impact of these measures will increase margins during 2007 and reduce both central and operating units' costs. The Company continues to remain within the terms of its banking covenants. The Board is exploring alternative financing strategies, including the sale and leaseback of its Birmingham site, in order to enhance shareholder value and continue the expansion of the Sports Cafe estate in line with its previously stated strategy. Further to the announcements made on 8 September 2006 and 17 October 2006 concerning the possibility of an offer being made for the whole of the issued share capital of the Company, the board of Sports Cafe confirms that it remains in discussions but that no indicative offer has been received. A further announcement will be made as appropriate. For further information, please contact: Sports Cafe Holdings Plc Tel: 020 7839 3377 Bill Balkou/Paul Wright Buchanan Communications Tel: 020 7466 5000 Charles Ryland/Rebecca Skye Dietrich Teather & Greenwood Limited Tel: 020 7426 9000 Mark Dickenson/Sindre Ottesen Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Sports Cafe, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Sports Cafe, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Sports Cafe or any of their respective " associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk . "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. Notes to Editors: Sports Cafe Holdings plc (formerly Coliseum Group plc), which floated on AIM in 2001, owns and operates the Sports Cafe chain, a leading licensed sports entertainment venue. The recent opening of Sports Cafe Bristol brings the number of operating venues in the UK to eight, including London, Leeds, Manchester, Glasgow, Newcastle, Liverpool, Birmingham and Bristol, while a new site at Cardiff is currently in development. The flagship venue in London's Haymarket is viewed as one of the UK's premier sports restaurant and entertainment facilities. The Sports Cafe brand capitalises on the UK consumers' passion for sport and the Board's strategy is to continue to develop a portfolio of Sports Cafe units, offering access to a wide range of UK and international sports, and to offer additional sports related services appealing to broad customer base. Sports Cafe caters to a wide audience, from sporting enthusiasts to late-night partygoers to office and family functions, by way of multiple plasma and super screens, pool tables and its late-night licences. The increased size of the Company and the continuing benefit of its focus on sporting events has enabled Sports Cafe to attract consistently large audiences and maintain their position at the premium end of the market. The continuing expansion into new locations throughout the UK will enhance the brand as a leader in its field. Sports Cafe continues to use its position as a premier Sports Venue to host a wide range of corporate and related sports events. Local and national TV and Radio broadcasts were made live from several Sports Cafe sites throughout the Football World Cup and events were hosted on behalf of a wide range of International Sports including Rugby League, Cycling, Motor Racing and Soccer during the period. In February 2006, Sports Cafe Bet opened its first Betting Shop at 240 Broad Street, Birmingham. A second licence was granted in Manchester in June 2006 and a further application has been submitted for Glasgow. The objective of Sports Cafe Bet is to offer a new service to Sports Cafe customers and to the general public who are focused on sporting events being shown in our sites. This strategy has proved to be successful with the operation generating a small profit and attracting considerable interest across a wide range of UK and International sporting events. This information is provided by RNS The company news service from the London Stock Exchange END TSTKGGGMDLDGNZM
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