Venue Solutions Holdings Plc
Closure of subsidiary
Receipt of £210,000 investment and
Commitment for further £300,000
Venue Solutions Holdings Plc (the "Company") announces a number of changes
designed to strengthen its financial and operational base in order to focus on
the continued roll-out of the YourDay theme park video capture system.
The Company's wholly owned subsidiary, Venue Solutions Limited, has appointed
an administrator to oversee the closure of this non operating company. The
directors have examined Venue Solutions Limited's creditor position and believe
that its closure will be ordered. Indeed, the directors believe that the
reduced overhead cost associated with maintaining this subsidiary will be
significantly to the Company's benefit.
Further information, including the administrator's report, will be made
publicly available by the administrator at the appropriate time and details
will be made available to shareholders.
The Company has also been reviewing the costs of its premises and announces
plans to relocate from its expensive site located in Pinewood Studios.
Negotiations will be completed shortly to enable a move into more suitable
rented accommodation. In the meantime and as announced on 25th November 2008,
all postal correspondence can be sent to the Company's registered address at
Staple Court, 11 Staple Inn Buildings, London WC1V 7QH.
The Company has received £210,000 to subscribe for both new ordinary shares and
a new convertible loan note. Details will be provided in a further
announcement. The Company also proposes to enter into binding commitments
shortly for an amount up to £300,000 to subscribe for further new ordinary
shares. This will provide sufficient working capital to meet the Company's
needs for the foreseeable future and the exact details of which will be
provided in a further announcement once the funds are received.
Oliver Iny, Chief Executive, commented:
"Since taking over as Chief Executive, my focus has been twofold; to bring
stability to the Company and secondly to take forward negotiations with other
family fun parks and destination venues for the installation of our YourDay
video capture system. We are currently in discussions concerning theme parks in
England, the Middle East, Australia and the USA and would expect to be able to
make further announcements in early 2009.
"Alton Towers is currently closed for the Winter although in the latter part of
the open season we witnessed an encouraging rise in the number of park visitors
buying the DVD of their day out. This bodes well considering the nature of
Alton Towers which, with its extreme rides, has a high percentage of non-family
1 December 2008
Venue Solutions Holdings Plc +44 (0) 207 417 8989
Haggie Financial LLP +44 (0) 207 417 8989
Nicholas Nelson/Kathy Boate Nicholas.email@example.com
Arden Partners Plc +44 (0) 207 398 1632
Richard Day/Adrian Trimmings
Notes to Editors:
Venue Solutions Holdings Plc is a specialist in venue management technologies:
developing, delivering and managing integrated system solutions (hardware and
software) for all types of venues.
YourDay employs a system of video cameras which respond to wristbands fitted
with radio frequency identification technology to capture and record
personalised footage of visitors as they enjoy rides and attractions at theme
parks. Visitors are then able to purchase DVDs of their day out, which are
created in under five minutes from the on-site YourDay retail outlet.