2nd Mar 2010 07:15
RNS Number : 9147H
Blacks Leisure Group PLC
02 March 2010
Blacks Leisure Group plc
(“Blacks Leisure” or “the Company”)
Update on fundraising and discussions with Sports Direct
On 24 February 2010, the Board of Blacks Leisure announced that it was in discussions with Sports Direct International plc (“Sports Direct”) with a view to seeking its support to the proposed placing and open offer and firm placing. Since then the Board has, through its advisers, had a number of discussions with Sports Direct.
However, the Board was informed last night that Sports Direct would announce today that it intended to evaluate the possibility of making a takeover offer for the Company (although there could be no guarantee that such an offer would be made). Accordingly the Company does not intend to continue to pursue the Firm Placing and Placing and Open Offer in the form described in the prospectus published by the Company on 5 February 2010 and does not intend to reconvene the shareholders meeting which was adjourned on 24 February 2010.
The Board intends to pursue an alternative fundraising for the Company but one which will involve only an ordinary resolution being passed (requiring the support of a simple majority of shares being voted on the resolution) in the absence of any concrete takeover proposals from Sports Direct that the Board feels that it can recommend.
A further announcement will be made in due course.
For further information, please contact:
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Blacks Leisure Group plc |
01604 597 222 |
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Neil Gillis, Chief Executive |
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Citigate Dewe Rogerson |
020 7638 9571 |
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Simon Rigby |
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Kevin Smith |
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Singer Capital Markets |
020 3205 7500 |
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Jeff Keating |
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Jos Trusted |
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This information is provided by RNS
The company news service from the London Stock Exchange
Related Shares:
Frasers Group