WFC Watford Leisure

 

TIDMWFC 
 
RNS Number : 2468O 
Watford Leisure PLC 
25 June 2010 
 

25 June 2010 
 
                              Watford Leisure PLC 
                      ("Watford Leisure" or the "Company") 
 
              Increase in Related Party Loan from Fordwat Limited 
 
Watford Leisure announces that yesterday Fordwat Limited ("Fordwat"), a 
substantial shareholder in the Company, advanced a further GBP0.5 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 Advance") to assist with the working capital requirements of the 
business. 
 
The amount outstanding under the secured loan is now, in aggregate, 
approximately GBP6.55 million (including accrued interest). 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 per cent.). 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 Advance 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 Advance are fair and reasonable insofar as the Company's shareholders 
are concerned. 
 
The secured loan is intended to be cancelled as part of the Company's proposed 
issue of secured bonds with detachable warrants 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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