Further re Trading Statement
21 Octubre 2008 - 9:11AM
UK Regulatory
RNS Number : 3607G
Georgica PLC
21 October 2008
Georgica PLC (the "Company")
Further re Trading Statement
21 October 2008
Georgica plc announced on 9 October 2008 that during the 52 weeks ended 28th September 2008, the bowling operations (consisting of
Tenpin Limited and its subsidiaries) generated EBITDA of �8.5m (52 weeks ended 29th June 2008 �9.2m). In accordance with Rule 28.3 (b) of
the Takeover Code, the Company instructed PricewaterhouseCoopers LLP ("PwC") and Cenkos Securities plc ("Cenkos") to report on the EBITDA
figure of �8.5m for the 52 weeks ended 28th September 2008. PwC and Cenkos have now completed their work and their reports are included
below.
Impact of sale and lease back of properties
Tenpin Limited sold and leased back nine properties in August 2007 and one property in April 2008. If a full 52 weeks rental charge for
these sale and leaseback transactions had been included in both the 52 weeks ended 28th September 2008 and 29th June 2008, the EBITDA
figures would have been �8.3m and �8.6m respectively.
Basis of preparation
EBITDA represents earnings before interest, tax, depreciation, amortisation, impairment charges, non recurring items (including
restructuring charges and profits or losses on the disposal of assets or the closure of sites) and the EBITDA impact of the net movement in
onerous lease provisions.
Management has not yet undertaken its final review for impairments nor updated its assessment of the required onerous lease provisions,
in respect of the 2008 financial year.
The EBITDA of the bowling operations consists of the EBITDA of Georgica's operating subsidiary Tenpin Ltd and its subsidiaries. It
excludes amounts in relation to other Georgica group companies, including Georgica overheads.
The EBITDA of the bowling operations for the 52 week period ended 28 September 2008, of �8.5m, has been compiled by management as
follows:
* financial information for the 13 weeks ended 30 December 2007, derived from the October, November and December 2007 management
accounts;
* financial information for the 26 weeks ended 29 June 2008 extracted from the unaudited half year report for that period; and
* financial information for the 13 weeks ended 28 September 2008 extracted from the unaudited July, August and September 2008
management accounts.
The management accounts for the 13 weeks ended 30 December 2007 and the 13 weeks ended 28 September 2008 were prepared in accordance
with the same accounting policies as those applied in preparing the unaudited half year report for the 26 weeks ended 29 June 2008 and the
2007 financial statements.
The EBITDA for the bowling operations for the 52 week period ended 29 June 2008 has been derived from the EBITDA information in the
unaudited segmental analysis of the full year 2007 financial statements and the interim 2008 financial statements as follows:
�m
EBITDA for the 52 weeks ended 30 December 2007 10.7
Less: EBITDA for the 26 week period ended 1 July 2007 (6.5)
Add: EBITDA for the 26 week period ended 29 June 2008 5.0
EBITDA for the 52 weeks ended 29 June 2008 9.2
Contact:
Cenkos: Nick Wells 020 7397 8920
Georgica: 020 7600 7900
Letters:
The Directors
Georgica plc
33 King Street
London
SW1Y 6RJ
Cenkos Securities plc (the "Financial Adviser")
6.7.8 Tokenhouse Yard
London
EC2R 7AS
21 October 2008
Dear Sirs
Georgica plc (the "Company")
We report on the unaudited results of Tenpin Ltd (a subsidiary of the "Company") and its subsidiaries (together the "Tenpin Group") for
the 52 weeks ended 28 September 2008 (the "Unaudited Financial information"). The Unaudited Financial Information and the basis on which it
is prepared is set out in the announcement issued by the Company on 21 October 2008 (the Announcement").
This report is required by Rule 28.3(b) of the City Code on Takeovers and Mergers issued by the Panel on Takeovers and Mergers (the
"City Code") and is given for the purpose of complying with that rule and for no other purpose. Accordingly, we assume no responsibility in
respect of this report to any person who is seeking or may in future seek to acquire control of the Company and/or the Tenpin Group
(an"Offeror") or to any other person connected to or acting in concert with an Offeror.
Responsibilities
It is the responsibility of the directors of the Company (the "Directors") to prepare the Unaudited Financial Information in accordance
with the requirements of the City Code. In preparing the Unaudited Financial Information the Directors are responsible for correcting
errors that they have identified which may have arisen in unaudited financial results and unaudited management accounts used as the basis of
preparation for the Unaudited Financial Information.
It is our responsibility to form an opinion as required by Rule 28.3(b) of the City Code as to the proper compilation of the Unaudited
Financial Information and to report that opinion to you.
Save for any responsibility under Rule 28.3(b) of the City Code to any person as and to the extent therein provided, to the fullest
extent permitted by law we do not assume any responsibility and will not accept any liability to any other person for any loss suffered by
any such other person as a result of, arising out of, or in connection with this report or our statement, required by and given solely for
the purposes of complying with Rule 28.4 of the City Code, consenting to its inclusion in the Announcement.
Basis of Preparation of the Unaudited Financial Information
The Unaudited Financial Information has been prepared on the basis stated in the Announcement and is based on the unaudited management
accounts for the 39 weeks ended 28 September 2008 and the unaudited management accounts for the 13 weeks ended 30 December 2007. The
Unaudited Financial Information is required to be presented on a basis consistent with the accounting policies of the Group.
Basis of Opinion
We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United
Kingdom. Our work included evaluating the basis on which the historical financial information for the 52 weeks ended 28 September 2008
included in the Unaudited Financial Information has been prepared and considering whether the Unaudited Financial Information has been
accurately computed using that information and whether the basis of accounting used is consistent with the accounting policies of the
Group.
We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide us with
reasonable assurance that the Unaudited Financial Information has been properly compiled on the basis stated.
However the Unaudited Financial Information has not been audited. The actual results may be affected by revisions required to accounting
estimates due to changes in circumstances, the impact of unforeseen events and the correction of errors in the management accounts.
Consequently we can express no opinion as to whether the actual results achieved will correspond to those shown in the Unaudited Financial
Information and the difference
may be material.
Opinion
In our opinion, the Unaudited Financial Information has been properly compiled on the basis stated and the basis of accounting used is
consistent with the accounting policies of the Group.
Yours faithfully
PricewaterhouseCoopers LLP
Chartered Accountants
The Directors
Georgica PLC
33 King Street
London
SW1Y 6RJ
21 October 2008
Dear Directors
We refer to the unaudited results of Tenpin Limited and its subsidiaries (the "Unaudited Financial Information") comprising of the
profit from the Tenpin operations representing earnings before interest, tax, depreciation, impairment, non recurring items and net movement
on provisions during the 52 weeks ended 28th September 2008.
The Unaudited Financial Information and the basis on which it is prepared is set out in the announcement issued by the Company dated 21
October 2008 (the "Announcement").
We have discussed the Unaudited Financial Information, together with the basis on which it is prepared, with the Company and with
PricewaterhouseCoopers LLP ("PwC").
We have also considered the letter dated 21 October 2008 addressed to the Company and Cenkos Securities plc from PwC regarding the
compilation of the Unaudited Financial Information.
This letter is provided in compliance with Rule 28.3(b) of The City Code on Takeovers and Mergers and may be included in the
Announcement solely for the purposes of that Rule.
On the basis of the foregoing, we consider that the Unaudited Financial Information, for which the directors of the Company are solely
responsible, has been made with due care and consideration and after due and careful enquiry by the Company.
Yours faithfully,
Cenkos Securities plc
Consent
PricewaterhouseCoopers LLP and Cenkos Securities plc have given and have not withdrawn their written consent to the issue of this
announcement with the inclusion therein of their letters concerning the Unaudited Financial Information of the bowling operations of
Georgica plc in the form and context in which they appear.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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