Update on sale process (5686U)
December 23 2011 - 1:00AM
UK Regulatory
TIDMBSLA
RNS Number : 5686U
Blacks Leisure Group PLC
23 December 2011
Blacks Leisure Group plc
("Blacks Leisure" or the "Company" or, together with its
subsidiaries, the "Group")
Update on sale process
On 7 December 2011, the Board of Blacks Leisure (the "Board")
announced that it wished to invite offers to support further
investment in the Group, which was most likely to involve a sale of
the Company or a sale of one or more of the Group's brands.
Following that announcement, a number of parties have submitted
indicative offers to acquire the whole or substantially all of the
trade, assets and brands of the Group. However, the Board notes
that it does not have and does not now expect to receive an offer
for the shares of Blacks Leisure. Accordingly the Takeover Panel
has confirmed that the Company is now out of an offer period.
Blacks Leisure continues to hold discussions with a number of
selected parties with a view to concluding the sale process in
January 2012. Based on the level of indicative offers received, it
is most unlikely that any value will be attributable to the
ordinary shares.
The Group continues to be in constructive discussions with its
lender, Bank of Scotland plc, who is supportive of the ongoing sale
process.
A further announcement will be made in due course, if
appropriate.
Enquiries:
Blacks Leisure Tel: 01604 597 222
Peter Williams
Citigate Dewe Rogerson Tel: 020 7638 9571
Simon Rigby
Kevin Smith
KPMG LLP Tel: 020 7311 1000
David McCorquodale
Singer Capital Markets Tel: 020 3205 7500
Ltd
Jonathan Marren
A copy of this document will be published on the Company's
website at
www.blacksleisure.co.uk as soon as possible.
KPMG Corporate Finance, a division of KPMG LLP which is
authorised and regulated by the Financial Services Authority for
investment business activities, is acting for Blacks Leisure as
financial adviser in relation to the formal sale process for Blacks
Leisure and is not acting for any other person in relation to such
sale . KPMG Corporate Finance will not be responsible to anyone
other than Blacks Leisure for providing the protections afforded to
its clients or for providing advice in relation to the contents of
this announcement or any arrangement referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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