ARE Arena Events Group Plc

RNS Number:9084B
Arena Leisure PLC
3 December 1999



 Arena Leisure Plc

                      CASH PLACING RAISING #7.9 MILLION

Arena  Leisure Plc  ("Arena" or the "Company"), announces
that  it  has  raised #7.9 million  through  the
placing  of 12,750,820 new Ordinary Shares for cash  with
institutional investors at a price of  62.0p  per  share.
The  placing  has been arranged by the Company's  broker,
Deutsche Bank AG London.

An  application  will be made for the new  shares  to  be
admitted  to  the  Official  List  of  the  London  Stock
Exchange. The new Ordinary Shares represent 5 per cent of
the existing issued share capital of the Company and will
rank  pari  passu  in  all  respects  with  the  existing
Ordinary Shares of 5p nominal each.

It  is  the  Board's intention that the proceeds  of  the
placing will be used to part fund an acquisition which is
at  an advanced stage of negotiation.  It is likely  that
the   acquisition  will  require  shareholder   approval.
Should the acquisition not proceed then the proceeds from
the placing will be used to reduce the Company's gearing.
A  further  announcement is expected to be made regarding
the potential acquisition in the near future.


Enquiries:

Arena Leisure Plc
Ian Penrose (Finance Director)          Tel: 01342 831
700

Deutsche Bank AG London
Charles Wilkinson                  Tel: 0207 545 8000
David Marks


END

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