3rd Dec 2009 14:00
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
3 December 2009
Pantheon Leisure plc ('Pantheon' or 'the Company')
Placing Participation
The Board of Pantheon Leisure plc, the AIM quoted company formed to acquire businesses in the leisure sector, is pleased to announce that as part of a wider fundraising and capital reorganisation undertaken by ADDleisure plc ("ADDleisure") announced today, conditional on, inter alia, ADDleisure shareholder approval at a forthcoming ADDleisure general meeting to be held on 21 December 2009, the Company's short term loan to ADDleisure of £100,000 is to be repaid in full. In recognition of the provision of this loan, ADDleisure has agreed to grant to Pantheon an option over 100,000 new ordinary shares of 1 pence each in ADDleisure exerciseable at 10p per share ("ADDleisure Options"). The ADDleisure Options will be exerciseable at any time from the date of grant for a period of three years thereafter.
In addition, the Directors believe that ADDleisure represents an attractive investment opportunity with its focus on Fitbug. Fitbug offers online personal health and well-being services by combining interactive tracking devices and web technology to measure activity and health indicators, provide feedback and motivate the user towards a healthier lifestyle. It is mainly focussed on the corporate wellness and health insurance sectors, with increasing effort being placed on the public health arena. Its blue-chip client base includes Nectar, PruHealth, BUPA, various Primary Care Trusts and Holmes Place Group. Fitbug also sells its products directly to individual consumers through its website, fitbug.com, as well as other retailers including Amazon and WH Smith. The Company is therefore subscribing for 1,000,000 new ADDleisure ordinary shares of 1p each at a placing price of 10p per share as part of ADDleisure's £1.2 million placing announced today.
The placing participation and the receipt of ADDleisure Options by Pantheon is a related party transaction within the meanings of the AIM Rules. Barbara Moss and Irvin Fishman, being the independent directors for the purpose of the placing participation, having consulted with Seymour Pierce Limited, the Company's Nominated Adviser, considers the terms of the placing fair and reasonable.
Commenting on the participation in the ADDleisure placing, Bill Weston, Chairman of Pantheon, said "We are delighted to be able to support ADDleisure which, through Fitbug, is focused on people's wellbeing through activity. This is something close to our heart with our Sport for School initiative as well as our small sided football leagues."
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For further information please visit www.pantheonleisure.com or contact:
|
Geoffrey Simmonds |
Pantheon Leisure plc |
Tel: 020 7935 0823 |
|
Mark Percy |
Seymour Pierce Limited |
Tel: 020 7107 8000 |
|
Isabel Crossley |
St Brides Media & Finance Limited |
Tel: 020 7236 1177 |
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