Acquisition (4472K)

TIDMTMW

RNS Number : 4472K

Timeweave plc

15 July 2011

Timeweave plc acquires the business and assets of SportingWins Limited

Timeweave plc ("the Group")

Acquisition of the business and assets of SportingWins Limited (the "SportingWins Business")

The Board of Timeweave plc is pleased to announce the acquisition of the SportingWins Business.

SportingWins Limited writes financial contracts, "hedging agreements", to cover financial risks of corporate clients which are dependent on the results of professional sports events. Since inception in October 2006, the SportingWins Business has signed contracts with over 40 clients across 15 countries covering more than GBP100m of risk.

The Group has acquired all business, assets and undertakings owned by SportingWins Limited as a going concern for a nominal consideration. The existing liabilities of the vendor and the SportingWins Business have not transferred to the Group.

The SportingWins Business is cyclical at its current scale. In the year ended 31 July 2010 the operating profit attributable to the SportingWins Business was GBP1.3 million. For the eleven months to 30 June 2011, the operating profit was GBP13,000.

The Timeweave Board intends to grow and develop SportingWins. Sam Dibb, the vendor and manager of SportingWins Limited, will be joining Timeweave Group to manage the business. Sam's terms of employment include an incentive plan under which, dependent on the performance of the business, he may receive a cash bonus in 2016 of up to GBP2 million.

Commenting on the acquisition, Timeweave CEO, David Craven, said today: "We are delighted to bring SportingWins into Timeweave; it is a unique business offering exciting potential for strong growth with a low working capital requirement. The Group offers complimentary skills and resources to support development of the SportingWins Business into a scalable, global proposition."

www.timeweave.com

Editors:

This announcement includes forward looking statements concerning Timeweave plc. Whilst these forward looking statements are made in good faith they are based upon the information available as at the date of this announcement and upon current expectations, projections and assumptions about future events. These forward looking statements are subject to risks, uncertainties and assumptions about Timeweave plc and should be treated with the appropriate degree of caution.

This announcement is not intended to constitute a profit forecast for the current financial period or for any future period. In addition, this announcement should not be taken to mean that the earnings per share of Timeweave plc will necessarily match or exceed the historic reported earnings per share of Timeweave plc.

Contacts: Timeweave plc David Craven Tel: 020 7067 0700

Weber Shandwick Financial Nick Oborne Tel: 020 7067 0700

Investec Bank plc Rowena Murray Tel: 020 7597 5970

This information is provided by RNS

The company news service from the London Stock Exchange

END

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