TWL scores with Soccerdome deal
The Weather Lottery (TWL) has agreed to buy Soccerdome, which owns and runs a five-a-side football facility in Nottingham, for £375,000.
The deal will be settled by the issue of 75 million new ordinary shares of 0.1p each in the company, at an issue price of 0.5p per share, it was revealed.
TWL has also agreed to enter into a consultancy agreement with Reginald Brearley, the vendor of Soccerdome. TWL said that Brearley, who is the former chairman of Sheffield United Football Club, should be valuable in developing the company's broader links within the football sector.
Brearley will hold 21.89 per cent of the enlarged ordinary share capital of the TWL if the acquisition of Soccerdome when the deal has completed.
Lord Razzall, chairman for TWL, said: “We are pleased to have agreed, on what we believe are favourable terms, the acquisition of a sound business for which there is continuing demand. In recent years, five-a-side centres have become a major venue for the social leisure and exercise activities of the population. TWL is keen to develop as a major player in this market. We welcome the experience and knowledge of the vendor to help us achieve this.”
In the year ended 31 January 2011, Soccerdome made an operating loss of approximately £10,000 and had gross operating assets of approximately £505,000.
