22nd Jun 2007 10:00
Blacks Leisure Group PLC22 June 2007 22 June 2007 Blacks Leisure Group plc ("Blacks Leisure" or "the Company") Possible requisition of Extraordinary General Meeting by Sports Direct International plc Further to the Company's announcement on 4 June 2007 that it had appointedadvisers to assist in a review of the strategic options for the futuredevelopment of Freespirit, the Board of Blacks Leisure has received a number ofletters from its largest shareholder, Sports Direct International plc ("SDI"),seeking to prevent any potential disposal process of Freespirit. The Boardbelieves that SDI seeks to constrain it from certain possible actions withoutdue regard to the interests of all of the Company's shareholders. Thiscorrespondence has culminated in Sports World International Limited (a whollyowned subsidiary of SDI) stating that it will requisition an extraordinarygeneral meeting ("EGM") of Blacks Leisure to propose the following: 1. To remove the Board of Directors of Blacks Leisure and to appoint a new Board proposed by SDI; 2. That any proposed disposal of the Freespirit business be cancelled and that Freespirit be retained by Blacks Leisure for the foreseeable future; and 3. That all costs associated with the EGM be borne solely by the Company. The Board of Blacks Leisure Group reiterates its statement of 4 June 2007, thatthe strategic review of Freespirit is being conducted to maximise its growthpotential and its value to Blacks Leisure shareholders. This process is ongoingand no decision has yet been made on the way to proceed. However, if the Boardwere to conclude that a disposal of the business to a third party was in thebest interests of the Company, the Board would, as is usual given the size ofany such transaction, seek the approval of shareholders of Blacks Leisure at anEGM called by the Company, at which SDI would be free to vote as they wished.The Board intends to continue with its review of Freespirit and seek the bestway for creating enhanced value for all shareholders. It is extremelydisappointing that the Company's largest shareholder has embarked on such anunusual and disruptive course of action. Contacts: Blacks Leisure Group plc 020 7404 5959David Bernstein, Chairman Dresdner Kleinwort 020 7623 8000Charles Batten Brunswick 020 7404 5959David YellandPamela SmallRobert Gardener This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Frasers Group