WFC Watford Leisure

 

TIDMWFC 
 
RNS Number : 2956P 
Watford Leisure PLC 
13 July 2010 
 

13 July 2010 
 
                              Watford Leisure PLC 
                      ("Watford Leisure" or the "Company") 
 
              Result of the Subscription of GBP10.142 million of 
                     Secured Bonds with Detachable Warrants 
 
Further to the announcement made by the board of Watford Leisure (AIM: WFL) on 2 
July 2010 in respect of the posting of invitation letters to Qualifying 
Shareholders, the Company has today issued a total of GBP10.142 million in 
principal amount of secured bonds at 100 per cent. of face value and 202,840,000 
detachable warrants (each to subscribe for one new Ordinary Share at the 
Subscription Price), on the basis of 20 warrants for every GBP1 of Secured Bonds 
subscribed (the "Subscription") to raise a total of GBP10.142 million gross (of 
which GBP9.207 million was satisfied by way of the repayment of certain existing 
Group indebtedness). Accordingly, the Subscription has raised approximately 
GBP0.935 million gross of additional working capital for the Company. The 
material commercial terms of the Secured Bonds and Warrants are as set out in 
the circular to shareholders of the Company dated 28 April 2010 (the 
"Circular"). The Secured Bonds will fall due for repayment on 12 July 2011. 
 
No applications were received from Qualifying Shareholders. In connection with 
the Subscription, and in accordance with the agreements referred to in the 
Circular, the following Director and Substantial Shareholders have therefore 
subscribed for 10,142,000 Secured Bonds representing, in aggregate, 100 per 
cent. of the Secured Bonds issued under the Subscription in the amounts set out 
below: 
 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
| Director/Substantial |     Amount |          | Percentage |          |      Number |          | Percentage | 
| Shareholder          |         of |          | of Secured |          |          of |          |         of | 
|                      |    Secured |          |      Bonds |          |  Detachable |          | Detachable | 
|                      |      Bonds |          |     issued |          |    Warrants |          |   Warrants | 
|                      | subscribed |          |            |          |    received |          |     issued | 
|                      |        GBP |          |            |          |             |          |            | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
| Fordwat              |  7,500,000 |          |      73.95 |          | 150,000,000 |          |      73.95 | 
| Limited*             |            |          |            |          |             |          |            | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
| David                |  2,050,000 |          |      20.21 |          |  41,000,000 |          |      20.21 | 
| Fransen**            |            |          |            |          |             |          |            | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
| Graham               |    592,000 |          |       5.84 |          |  11,840,000 |          |       5.84 | 
| Simpson***           |            |          |            |          |             |          |            | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
|                      |            |          |            |          |             |          |            | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
| Total:               | 10,142,000 |          |     100.00 |          | 202,840,000 |          |     100.00 | 
+----------------------+------------+----------+------------+----------+-------------+----------+------------+ 
 
Notes: 
 
*  - approximately GBP6.56 million (inclusive of accrued interest) of the 
subscription amount was satisfied by way of the repayment in full of its 
existing secured loan to the Club. 
** - satisfied by way of the repayment of GBP2.05 million of Mr Fransen's 
outstanding loans of GBP2.55 million to the Group. 
*** - satisfied by way of the repayment in full of Mr Simpson's existing 
unsecured convertible loan notes 2010 issued by the Company. 
 
Following completion of the Subscription, Fordwat is interested in 16,306,437 
Ordinary Shares, representing approximately 37.16 per cent. of the Company's 
issued ordinary share capital, and now holds 150,000,000 Warrants to acquire, in 
aggregate, up to a further 150,000,000 Ordinary Shares, giving it up to 
approximately 67.41 per cent. of the Enlarged Share Capital if all the Warrants 
were to be exercised. The Fordwat Concert Party could therefore hold, in 
aggregate, 167,657,329 Ordinary Shares or 67.95 per cent. of the Enlarged Share 
Capital if all of the Warrants were to be exercised. Furthermore, Graham Simpson 
is interested in 7,368,796 Ordinary Shares, representing approximately 16.79 per 
cent. of the Company's issued ordinary share capital, and now holds 11,840,000 
Warrants to acquire, in aggregate, up to a further 11,840,000 Ordinary Shares, 
giving him up to approximately 7.78 per cent. of the Enlarged Share Capital and 
David Fransen, Non-executive Director, now holds 41,000,000 Warrants to acquire, 
in aggregate, up to 41,000,000 Ordinary Shares, giving him up to approximately 
16.62 per cent. of the Enlarged Share Capital. 
 
Unless the context otherwise requires, defined terms used in this announcement 
shall have the meanings given to them in the Circular. 
 
 
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 / Matthew Chandler 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCUOSVRRUABAAR 
 

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