WFC Watford Leisure

 

TIDMWFC 
 
RNS Number : 2678J 
Watford Leisure PLC 
26 March 2010 
 

                              Watford Leisure PLC 
                      ("Watford Leisure" or the "Company") 
 
              Increase in Related Party Loan from Fordwat Limited 
 
Watford Leisure announces that on 24 March 2010, Fordwat Limited ("Fordwat"), a 
substantial shareholder in the Company, advanced a further GBP1 million to the 
Company's 96 per cent. owned subsidiary, The Watford Association Football Club 
Limited (the "Club"), under its existing secured loan agreement with the Club 
(the "Further Loan") to assist with the working capital requirements of the 
business. 
 
The amount outstanding under the secured loan is now, in aggregate, 
approximately GBP5.99 million (including accrued interest since 23 December 
2009). The loan is repayable on demand and accrues interest at the rate of 4.5 
per cent. above the base rate from time to time of Barclays Bank plc (except in 
default when the rate rises to base rate plus 7.5%). Security is by way of a 
guarantee and debenture over the Vicarage Road Stadium ranking behind certain 
other pre-existing secured creditors. 
 
The provision of the Further Loan is deemed to be a related party transaction 
under the AIM Rules for Companies. Accordingly, the directors of the Company 
consider, having consulted with Strand Hanson Limited, that the terms of the 
Further Loan are fair and reasonable insofar as the Company's shareholders are 
concerned. 
 
The board is continuing to refine the proposal from Fordwat for a GBP7.5 million 
underwritten fundraising and further announcements will be made in due course. 
 
Enquiries: 
 
Watford Leisure PLC 
Tel:  01923 496 000 
Graham Taylor, Chairman 
Julian Winter, Chief Executive Officer 
 
Strand Hanson Limited 
Tel:  020 7409 3494 
Rory Murphy 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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