16th Nov 2015 12:14
LONDON (Alliance News) - Sports Direct International PLC has taken a 4.94% stake in Goals Soccer Centres PLC, according to a stock exchange document on Monday.
The 4.94% stake was taken through a contract for difference - a derivative contract - according to the document.
The transaction took place on Thursday last week.
The FTSE 100 retailer's contract for difference refers to 2.9 million shares in the five-a-side football centre operator.
With shares in Goals Soccer Centres up 6.0% at 141.53 pence on Monday shortly after midday, Sports Direct's stake is worth about GBP4.1 million.
N+1 Singer upgraded its rating on Goals Soccer Centres to Buy from Sell on the back of the news, and lifted its price target to 150p from 120p.
"We view the entry of Sports Direct onto the share register as an interesting new development in the Goals Soccer saga. At this stage it is difficult to second guess what Sports Directs end game is, but an active corporate role be it through a collaborative tie-up or a full corporate move cannot be ruled out," N+1 Singer said in a note.
Shares in Sports Direct were up 0.2% at 684.50 pence Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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