RNS Number:7676P
Chariot (UK) PLC
18 January 2007


For immediate release                                            18 January 2007

                                Chariot (UK) plc

                          ("Chariot" or the "Company")



                  Disposal of the Company's trading operations



On 16 January 2007, the Board of Chariot announced that it had been evaluating
proposals received from a number of parties relating to the disposal of the
Company's assets.



The Board announces that it has today sold certain of the assets of the Company
to NetPlay TV plc ("NetPlay TV") for an aggregate consideration of #140,500 in
cash (the "Transaction"). The consideration will be received by the Company on
or before 19 January 2007. Pursuant to the Transaction, NetPlay TV will acquire
from the Company the intellectual property rights attaching to Chariot's online
charity lottery, monday, as well as Chariot's entire player database. NetPlay TV
will, with immediate effect, take responsibility for the operation and operating
costs of monday and have the benefit of monday's revenues. Chariot will give
certain assistance to NetPlay TV for an approximate four week period following
the Transaction in order to provide an orderly transition (including the ongoing
servicing by Chariot of existing contracts, for which an estimated #40,500 of
the consideration proceeds will be used). Following the completion of the
Transaction, save for in assisting NetPlay TV in an orderly transition, Chariot
will cease to be involved with, or operate, the online charity lottery, monday,
or any associated games.



NetPlay TV (formerly Stream Group plc) is an AIM listed company focusing on
interactive TV gaming. NetPlay TV acquired Vegas 247 Limited, a TV production
company that produces the interactive TV game "Live Roulette" on Sky Channel
847, in December 2006. The company operates this programme under a UK gaming
licence. NetPlay TV believes that combining the current player base of monday
with its TV production skills to produce a live, interactive TV lottery show
will give players an enhanced experience and that linking the flexibility of the
internet with the traditional TV broadcast will add further trust and
credibility to the monday game.



In view of the nature of the Transaction (which will result in a fundamental
change to Chariot's business), Chariot would ordinarily be required, under Rule
15 of the AIM Rules, to obtain prior shareholder approval for the sale of
Chariot's assets to NetPlay TV. However, due to Chariot's financial position and
on the basis that Chariot has received undertakings from shareholders who hold
over 50% of Chariot's issued share capital (including the members of the Board
who own 18.4% of Chariot's issued share capital) that they support the
Transaction, Chariot has received dispensation from the AIM Team from the
requirement under the AIM Rules to obtain prior shareholder approval for the
Transaction.



The Transaction will result in Chariot disposing of all of its trading business
activities and, as a result, Chariot will, following completion of the
Transaction, be treated under Rule 15 of the AIM Rules as an investing company.
Shareholders of the Company will be provided with, in line with Schedule 2(j) of
the AIM Rules, information on Chariot's investing strategy in the announcement
of the Company's interim results for the period ending 31 October 2006 (to be
released by 31 January 2007). The Board currently anticipate that Chariot would
seek to find a business to reverse into it. Such a business would not
necessarily be a lottery operation.



The proceeds receivable by Chariot pursuant to the Transaction (other than those
used to provide an orderly transition to NetPlay TV) will be used to fund the
winding-down of its current operations (including costs relating to the
Transaction) and continuing liabilities and, thereafter, to support Chariot's
investment strategy.



Peter Jones, the Chairman of Chariot, commented:



"Despite our best efforts we have unfortunately been unable to secure an
independent future for the monday lottery. Nevertheless, we are delighted that
the monday game will continue under the new ownership of NetPlay TV. Whilst it
is disappointing that Chariot will no longer operate the lottery, everyone at
Chariot is proud of having raised over #1.65 million for the charity partners
since May and delighted that this transaction allows the charity partners and
players to continue to benefit from monday.



Following the completion of the sale of the game to NetPlay TV the Company will
administer the run-down of its operations and the Board anticipate that it will
have sufficient cash to cover these reduced operations for a period of time. The
Board intend also to seek a suitable acquisition for the Company."



Further announcements will be made as appropriate.



Enquiries



Chariot (UK) plc                               Tel: 0870 380 2121
Matthew Waterman



Noble & Company Limited                        Tel: 0207 763 2200
Nick Naylor
Nick Athanas




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

DISBPMITMMABBIR
Chariot (LSE:CRT)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Chariot Charts.
Chariot (LSE:CRT)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Chariot Charts.