Disposal
29 April 2003 - 5:30PM
UK Regulatory
RNS Number:4539K
Crown Sports PLC
29 April 2003
CROWN SPORTS PLC
The Winning Line (Sport & Leisure) Limited
In April 2001, Crown Sports PLC ("Crown Sports") acquired 70 per cent. of The
Winning Line (Sport & Leisure) Limited ("The Winning Line"), a sports betting
business. On 28 April 2003, the minority shareholders in The Winning Line
exercised their put option granted in April 2001 enabling them to require Crown
Sports to purchase their remaining 30 per cent. interest in The Winning Line for
#870,000 in cash.
Immediately following completion of the exercise of the put option, Crown Sports
sold 100 per cent. of The Winning Line to Last Race Limited, a newly-formed
company owned by the minority shareholders, for #70,000 in cash. The sale
agreement also provides for the elimination of inter-company indebtedness owing
by Crown Sports to The Winning Line amounting to approximately #293,000.
The disposal of The Winning Line represents a further step in the implementation
of the agreed strategy to focus on Crown Sports' health and fitness business and
to dispose of its non-health and fitness assets.
Crown Sports' audited consolidated accounts for the year ended 31 December 2002
show that The Winning Line had revenues of #760,000 and an operating loss after
exceptional items of #572,000 for that period and that as at 31 December 2002 it
had net assets of #40,000.
Contacts:-
Ray Pierce, Chairman 020 8662 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISILFIRSAITFIV