Disposal of Irish Pitches & Withdrawal of Application for Administration
June 27 2008 - 7:58AM
UK Regulatory
Neville Porter plc
(the "Company")
Disposal of Irish Pitches & Withdrawal of Application for Administration
The Board of Neville Porter plc announces that on 6 May 2008, it disposed of its
pitches at Leopardstown and Galway race courses (the "Irish Pitches") to Michael
Keegan, a registered Irish bookmaker, for �170,000. Michael Keegan is not a
related party under AIM Rule 13.
Set out below is a description of the Irish Pitches sold:
Racecourse Course Type Ring List Position
Leopardstown Flat & National Tattersalls 9
Hunt
Galway Flat & National Tote Line 27
Hunt
The gross gaming revenue associated with the Irish Pitches in the current
financial year was �1,012,331, on which a trading profit of �64,688 was made.
The assets had a net book value of �400,000. The proceeds of the disposal were
partly utilised to repay Brian Morton's loans, totalling �130,000 which had been
secured against these assets, and became repayable on their sale, as detailed in
the circular to shareholders dated 27 February 2008. The balance of the
proceeds was used for general working capital purposes.
Following the disposal of the Irish Pitches, the Company no longer has an
operating business and as such, the disposal consitituted a fundamental change
of business, and therefore upon the disposal, the Company became an investing
company as defined by the AIM Rules for Companies.
The Company also announces that the application to the Court by a creditor of
the Company to appoint an Administrator has been withdrawn.
The Company intends to send circulars to shareholders in the near future
relating to the proposed Company Voluntary Agreement and convening an EGM
regarding the Company's future investing strategy.
A further announcement will be made as soon as possible.
For further information, contact:
Company
Neville Porter plc
Simon Walters 07714 237 523
Neville Porter 07920 100 400
Broker
SVS Securities plc
Richard Morrison
Peter Manfield 020 7638 5600
Nominated Adviser
Blomfield Corporate Finance Ltd
Nick Harriss 020 7489 4500
-END-
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