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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Venue Sol | LSE:VSH | London | Ordinary Share | GB00B0T4GP95 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.525 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Venue Solutions Holdings Plc Closure of subsidiary Receipt of £210,000 investment and Commitment for further £300,000 Venue Solutions Holdings Plc (the "Company") announces a number of changes designed to strengthen its financial and operational base in order to focus on the continued roll-out of the YourDay theme park video capture system. The Company's wholly owned subsidiary, Venue Solutions Limited, has appointed an administrator to oversee the closure of this non operating company. The directors have examined Venue Solutions Limited's creditor position and believe that its closure will be ordered. Indeed, the directors believe that the reduced overhead cost associated with maintaining this subsidiary will be significantly to the Company's benefit. Further information, including the administrator's report, will be made publicly available by the administrator at the appropriate time and details will be made available to shareholders. The Company has also been reviewing the costs of its premises and announces plans to relocate from its expensive site located in Pinewood Studios. Negotiations will be completed shortly to enable a move into more suitable rented accommodation. In the meantime and as announced on 25th November 2008, all postal correspondence can be sent to the Company's registered address at Staple Court, 11 Staple Inn Buildings, London WC1V 7QH. The Company has received £210,000 to subscribe for both new ordinary shares and a new convertible loan note. Details will be provided in a further announcement. The Company also proposes to enter into binding commitments shortly for an amount up to £300,000 to subscribe for further new ordinary shares. This will provide sufficient working capital to meet the Company's needs for the foreseeable future and the exact details of which will be provided in a further announcement once the funds are received. Oliver Iny, Chief Executive, commented: "Since taking over as Chief Executive, my focus has been twofold; to bring stability to the Company and secondly to take forward negotiations with other family fun parks and destination venues for the installation of our YourDay video capture system. We are currently in discussions concerning theme parks in England, the Middle East, Australia and the USA and would expect to be able to make further announcements in early 2009. "Alton Towers is currently closed for the Winter although in the latter part of the open season we witnessed an encouraging rise in the number of park visitors buying the DVD of their day out. This bodes well considering the nature of Alton Towers which, with its extreme rides, has a high percentage of non-family visitors." 1 December 2008 Enquiries: Venue Solutions Holdings Plc +44 (0) 207 417 8989 Mark Boughton Haggie Financial LLP +44 (0) 207 417 8989 Nicholas Nelson/Kathy Boate Nicholas.nelson@haggie.co.uk Arden Partners Plc +44 (0) 207 398 1632 Richard Day/Adrian Trimmings Notes to Editors: Venue Solutions Holdings Plc is a specialist in venue management technologies: developing, delivering and managing integrated system solutions (hardware and software) for all types of venues. YourDay employs a system of video cameras which respond to wristbands fitted with radio frequency identification technology to capture and record personalised footage of visitors as they enjoy rides and attractions at theme parks. Visitors are then able to purchase DVDs of their day out, which are created in under five minutes from the on-site YourDay retail outlet. END
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