SCEL Sceptre

 

TIDMSCEL 
 
RNS Number : 0628U 
Sceptre Leisure PLC 
17 June 2009 
 

17 June 2009 
 
 
 
 
Sceptre Leisure Plc 
("Sceptre Leisure" or "the Company") 
 
 
 
 
 GBP5.5 million Placing to further grow the business 
 
 
 
 
Sceptre Leisure plc today announces that it has conditionally placed with 
Hillroad Investments Limited ("Hillroad") 16,603,400 new ordinary shares 
("Placing Shares") of 5p each ("Ordinary Shares") at a price of 33.1p per share 
thereby raising gross proceeds of GBP5.5 million (the "Placing"). The net 
proceeds will provide the Company with working capital for future growth and 
strengthen its balance sheet. 
 
 
The New Shares, which have been placed with Hillroad will represent 
approximately 29.9 per cent. of the Company's Enlarged Share Capital. 
 
 
The Company has received irrevocable commitments from certain shareholders 
representing 82.91% of the Issued Share Capital to vote in favour of the 
resolutions to be proposed at the General Meeting. 
 
 
Background to and reasons for the Placing 
 
 
Over the past few months the Directors have been constrained from growing the 
business because of the closure of the trade credit markets and subsequent lack 
of available asset finance. 
 
 
In the same period there has been considerable consolidation in the gaming 
machine supply market. This consolidation has opened up significant 
opportunities to win additional business with some of the major pub companies 
within the UK.  Additionally new technology and partnerships have allowed 
Sceptre Leisure to expand its reach and enter new markets. 
 
 
These circumstances now present Sceptre Leisure with unprecedented 
opportunities, however without additional capital the Company will be unable to 
benefit from this demand.  The proceeds of the Placing will allow the Company to 
take advantage of these opportunities and extend its machine portfolio, take on 
new customers and strengthen its balance sheet. 
 
 
Negotiations regarding the Placing began in early June, and whilst it notes the 
recent increase in the Company's share price, the board feels that a placing at 
33.1 pence is in the best interests of Sceptre Leisure and its shareholders. 
Ken Turner, CEO of Sceptre Leisure said 
"We are delighted to welcome Hillroad as a substantial shareholder. The 
additional capital will allow us to drive our business forward and take 
advantage of some of the significant opportunities that currently exist in our 
market place. 
 
 
Issue of New Shares 
A GM Circular has today been sent to Shareholders in the Company.  The issue of 
the Placing Shares is conditional, inter alia, upon the Company obtaining 
approval from its Shareholders to grant the Board authority to allot the Placing 
Shares and to disapply statutory pre-emption rights which would otherwise apply 
to the allotment of the Placing Shares. The Placing is further conditional upon 
Admission of the Placing Shares to AIM. 
Application will be made to the London Stock Exchange for the New Shares to be 
admitted to trading on AIM. It is expected that such Admission will become 
effective and that dealings will commence on 3 July 2009. 
The New Shares will, when issued, rank pari passu in all respects with the 
existing Ordinary Shares, including the right to receive dividends and other 
distributions declared following Admission. 
The GM Circular is available via the Company's website at: 
www.sceptreleisureplc.co.uk 
 
 
 
 
 
 
+--------------------------------------------------+-------------------------+ 
| EXPECTED TIMETABLE OF PRINCIPAL EVENTS                                     | 
+----------------------------------------------------------------------------+ 
| Last time and date of receipt for Forms of Proxy | 11.00 a.m. on 30 June   | 
|                                                  | 2009                    | 
+--------------------------------------------------+-------------------------+ 
| General Meeting                                  | 11:00 a.m. on 2 July    | 
|                                                  | 2009                    | 
+--------------------------------------------------+-------------------------+ 
| Admission of the Placing Shares to trading on    | 8.00 a.m. on 3 July     | 
| AIM                                              | 2009                    | 
|                                                  |                         | 
+--------------------------------------------------+-------------------------+ 
 
 
Enquiries: 
 
 
+------------------------------------+----------------------------------------+ 
| Sceptre Leisure Plc                | +44 (0) 1772 694 242                   | 
+------------------------------------+----------------------------------------+ 
| Lesley Humphrys                    |                                        | 
+------------------------------------+----------------------------------------+ 
| Guy van Zwanenberg                 |                                        | 
+------------------------------------+----------------------------------------+ 
|                                    |                                        | 
+------------------------------------+----------------------------------------+ 
| Seymour Pierce Limited             | + 44 (0) 207 107 8000                  | 
+------------------------------------+----------------------------------------+ 
| Sarah Jacobs                       |                                        | 
+------------------------------------+----------------------------------------+ 
| Christopher Wren                   |                                        | 
+------------------------------------+----------------------------------------+ 
|                                    |                                        | 
+------------------------------------+----------------------------------------+ 
| College Hill                       | +44 (0) 207 457 2020                   | 
+------------------------------------+----------------------------------------+ 
| Matthew Smallwood                  |                                        | 
+------------------------------------+----------------------------------------+ 
| Justine Warren                     |                                        | 
+------------------------------------+----------------------------------------+ 
 
 
 
 
Seymour Pierce Limited, which is regulated by the Financial Services Authority 
and is a member of the London Stock Exchange, is acting as nominated adviser and 
broker exclusively for the Company in connection with the Placing. Its 
responsibilities as the Company's nominated adviser under the AIM Rules are owed 
solely to the London Stock Exchange and are not owed to the Company or to any 
Director or any other person in respect of his decision to acquire ordinary 
shares in the Company in reliance on any part of this announcement. No 
representation or warranty, express or implied, is made by Seymour Pierce 
Limited as to any of the contents of this announcement for which the Directors, 
the Proposed Directors and the Company are responsible (without limiting the 
statutory rights of any person to whom this announcement is issued). Seymour 
Pierce Limited has not authorised the contents of, or any part of, this 
announcement, and no liability whatsoever is accepted by Seymour Pierce Limited 
for the accuracy of information or opinions contained in this announcement or 
for the omission of any material information. Seymour Pierce Limited will not be 
offering advice and will not otherwise be responsible for providing customer 
protections to recipients of this announcement in respect of the Placing or any 
acquisition of shares in the Company. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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