RNS Number:8411M
Soccercity PLC
30 January 2008

                                 Soccercity plc

                        (the "Company" or "Soccercity")



 Loan arrangements and intention to seek cancellation of admission of ordinary
                                 shares to AIM



The directors of the Company are pleased to announce that Soccercity has secured
commitments from certain of its existing shareholders to provide loan facilities
of, in aggregate, �100,000 to the Company (the "Loan Arrangements"), of which
�75,000 has been made available by Mr RJR Keeling and �15,000 by Mr JT Fall,
who, as substantial shareholders in the Company are each considered to be
related parties (the "Related Party Loans").



Pursuant to the Loan Arrangements, �40,000 of these facilities (the "Loans") has
been drawn down by the Company.  The Loans are interest free and repayable by
the Company on the third anniversary of drawdown, at which time they will be
repayable in full together with a premium of two times the amount drawn down.
Amounts drawn down pursuant to the Loan Arrangements are proposed to be secured
by way of a fixed and floating charge over the Company's assets.



The Company intends to use the Loans to fulfil the Company's working capital
requirements.



The directors of the Company consider, having consulted with the Company's
nominated adviser, WH Ireland Limited, that the terms of the Related Party Loans
are fair and reasonable insofar as Soccercity's shareholders are concerned.



The directors of the Company further announce that discussions are well advanced
with certain creditors who have indicated their willingness to convert some or
all of their outstanding debts into ordinary shares in the Company ("Ordinary
Shares").  The Company is seeking to convert approximately �100,000 of such debt
into Ordinary Shares.



Given the size of Soccercity and the lack of liquidity in the Company's share
capital, the Board no longer considers the costs of being a public company and
of having the Company's shares admitted to trading on AIM to be justifiable.
Accordingly, the directors of the Company announce their intention to seek the
approval of the shareholders of the Company to have the admission of its shares
to AIM cancelled. The Board intends to write to shareholders shortly to convene
a general meeting at which, among other things, a special resolution will be
proposed to effect the cancellation.



For further information, please contact:

Norman Molyneux, Soccercity plc                    Tel: 01942 322 256

David Youngman, WH Ireland Ltd                     Tel: 0161 832 2174


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

MSCBMMLTMMJJMRP
Soccercity (LSE:SOC)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Soccercity Charts.
Soccercity (LSE:SOC)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Soccercity Charts.