20th Jun 2005 07:00
Stanley Leisure PLC20 June 2005 For immediate release20 June 2005 Stanley Leisure plcCompletion of disposal and proposed return of capital Stanley Leisure plc is pleased to announce the completion of the disposal of itsRetail Bookmaking Operations to William Hill PLC. Following the disposal of the Retail Bookmaking Operations, John Whittaker,Managing Director of the Betting Division, will resign as a director of StanleyLeisure plc at the meeting of the Board of the Company in July. The Boardthanks him for his long and distinguished contribution to the successful growthof the Group's betting business and is pleased to confirm that he will continueto be responsible for Stanley Leisure's international bookmaking operations. As announced on 16 May 2005, the Board has been reviewing the future capitalstructure of the Group. Having regard for the net disposal proceeds, theGroup's current indebtedness and taking account of expected capital expenditurerequirements and investment opportunities, the Board announces its intention toreturn approximately £325m to shareholders, representing 250 pence per share. The Group has already renegotiated its bank facilities to reflect the reductionin the scale of the Group's activities. The new facility has been agreed withminor changes to the financial covenants and allows for the return of surpluscapital to shareholders. It is anticipated that following the return of capitalapproximately £50m of the facility will be drawn. Pending the return of capitalthe Group will repay its existing indebtedness and place the balance on deposit. The Board intends that the return of capital will be structured so as to giveshareholders a choice between receiving income or capital. Further details willbe announced on 18 July 2005 with the Group's preliminary results for the yearended 30 April 2005. A circular to shareholders concerning the proposed returnof capital is expected to be posted to all shareholders shortly thereafter. TheBoard expects that the return of capital will be completed by the end ofSeptember 2005. Enquiries: Stanley Leisure 0151 237 6000Bob Wiper - Chief ExecutiveColin Child - Finance Director JPMorgan Cazenove 020 7588 2828Duncan HunterEdward BanksDavid Clasen gcg hudson sandler 020 7796 4133Michael SandlerNoemie de Andia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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