AGM Statement (7470F)

TIDMTMW

RNS Number : 7470F

Timeweave plc

03 May 2011

3 May 2011

Timeweave plc

("Timeweave" or "the Company")

AGM Statement

Ahead of the Company's Annual General Meeting later today, Timeweave provides the following update.

Timeweave's performance in the early months of the current year is in line with the Board's expectations and its financial position and balance sheet remain strong . Timeweave had net cash at 31 March 2011 of GBP33.4 million ( 31 December 2010 : GBP31.9 million ) prior to the proposed dividend payment in May of GBP3.6 million .

Timeweave's new Chief Executive, David Craven, joined the Company on 18 April 2011. Following an appropriate hand-over period Peter Bertram, currently Executive Chairman, will resume the role of Non-Executive Chairman.

The results for the six months ending 30 June 2011 will be released in late August.

Ends

For further information, please contact:

 
 Timeweave plc 
 Peter Bertram, Chairman 
  David Craven , Chief Executive    020 7067 0700 
 
 Weber Shandwick Financial 
 Nick Oborne / John Moriarty        020 7067 0700

Timeweave plc ('Timeweave' or 'the Group') is the holding company of a Group which principally comprises a 50% holding in Amalgamated Racing Limited ('AMRAC') and cash deposits.

AMRAC is an equally owned joint venture company between Racecourse Media Services Limited (which is in turn owned by a number of the UK's foremost racecourses and Racecourse Investments Limited) and Timeweave. AMRAC holds exclusive licences with 31 racecourses to broadcast pictures, audio and data from these courses to licensed betting offices in the United Kingdom and Republic of Ireland on its dedicated television channel, TurfTV.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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