2nd Jun 2006 12:32
Chariot (UK) PLC02 June 2006 Chariot (UK) plc ("Chariot" or the "Company") Strategic update and possible fundraising Chariot (UK) plc, the company behind the new charities lottery, monday, is todayproviding an update on its progress to date. Since the lottery was launched on 20th April 2006 four lottery draws have beenheld, the first being on 8th May. In total 1.68 million tickets have been soldin these draws and 200,227 individuals have registered with monday. As at 1stJune 2006, £1.25 million was deposited in wallets by registered players. Fromthese draws a total of approximately £520,000 has been raised by monday for the20 charities participating in the four draws. These levels of ticket sales have fallen short of the Board's expectations. Theincome generated has been significantly less than projected and cannot sustainthe Company's original business plan. Therefore the Board of Chariot requestedindependent experts to undertake a review of the Company and its business, andthis review has now been completed. As a result of the ticket sales and the keyfindings from the independent review, the Board has decided to implement arevised business plan for the Company to build on the base established sincelaunch. This business plan will, inter alia, focus on ways of increasing incomefor the Company and will involve a significant reduction in Chariot's overheads,which is to take place with immediate effect. To allow this revised business plan to be implemented the Company is currentlyseeking to raise additional funds through a placing of new ordinary shares inthe Company (the "Placing"). Following discussions with certain shareholders andpotential investors, the price of the Placing is likely to be 5p per share.Should the Placing proceed it will be subject to approval by shareholders ofChariot and require the convening of an extraordinary general meeting of theCompany. Further details will be provided by the Company in due course. For further information please contact: Peter JonesDeputy Chairman Tel: 0207 763 2331 John Llewellyn-Lloyd/Nick NaylorNoble & Company Limited Tel: 0207 763 2200 Peter OteroBell Pottinger Corporate and Financial Tel: 0207 861 3864 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Care Reit