Result of AGM & Suspension
December 16 2009 - 2:55AM
UK Regulatory
TIDMWFC
RNS Number : 1959E
Watford Leisure PLC
16 December 2009
Watford Leisure PLC
("Watford Leisure" or the "Company")
Result of AGM and Directorate Changes
Suspension of Trading on AIM
Watford Leisure announces that immediately prior to the Company's Annual General
Meeting, held yesterday evening, Jim Russo, Vince Russo and Robin Williams
resigned from the board of Watford Leisure ("Board") with immediate effect. All
other resolutions, including those to reappoint the remaining members of the
board were duly passed. Both Valley Grown Salads and Fordwat Limited abstained
from voting on the resolutions to re-appoint the non-executive directors to the
Board.
Following the resignation of the aforementioned directors, the Board received a
written demand from Valley Grown Salads (a company in which Jim and Vince Russo
have an interest) for the repayment of its GBP4.88m of loans (made to the
Company) on or before close of business on 16 December 2009.
The Board continues to consider indicative proposals from both Valley Grown
Salads and Fordwat Limited. However, pending resolution and clarification of its
financial position the Company has requested that its shares be suspended from
trading on AIM. In the event that a funding solution cannot be obtained then the
Company may have to be placed in administration. A further announcement will be
made in due course.
Enquiries:
Watford Leisure PLC
Tel: 01923 496 000
Julian Winter, Chief Executive Officer
Strand Hanson Limited
Tel: 020 7409 3494
Rory Murphy
This information is provided by RNS
The company news service from the London Stock Exchange
END
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