WFC Watford Leisure

 

TIDMWFC 
 
RNS Number : 3026E 
Watford Leisure PLC 
17 December 2009 
 

Watford Leisure PLC 
("Watford Leisure" or the "Company") 
 
 
Update on Financial Position 
 
 
Further to yesterday's announcement and the suspension of trading on AIM the 
deadline for the repayment of loans to Valley Grown Salads ("VGS")  (a company 
in which Jim and Vince Russo have an interest) of GBP4.88m is 1p.m. today ("VGS 
Debt"). 
 
 
The board of Watford Leisure ("Board") has met this morning and considered 
indicative proposals 
 to save the Company from immediate administration. The 
Board has resolved to support a proposal from Fordwat Limited of a GBP7.5 
million rights issue of a debt instrument, with either warrants or conversion 
rights, offered to all shareholders and underwritten in full by Fordwat Limited. 
This would, at the option of VGS, enable the VGS loan of GBP4.88 million to be 
repaid in full with the remaining balance available to contribute to the cash 
shortfall to June 2010 of GBP5.5 million. 
 
 
However for the Board to proceed with this plan Valley Grown Salads would need 
to suspend its demand for the immediate repayment of the VGS Debt. The Board is 
therefore in communication with representatives of Valley Grown Salads and a 
further announcement will be made in due course. 
 
 
In the event that no agreement can be reached with Valley Grown Salads then the 
Company will 
 have to be placed in administration. The Company's shares 
remain suspended from trading on AIM. 
 
 
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 
 
 MSCDGMMZZNFGLZM 
 

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