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Monday 27 February, 2012

Weather Lottery(The)

Update on Nottingham five-a-side Football Facility

RNS Number : 1925Y
Weather Lottery PLC (The)
27 February 2012
 



THE WEATHER LOTTERY PLC

 

("TWL" or the "Company")

 

Update on the Nottingham Five-A-Side Football Facility

 

 

27 February 2012

 

On 5 December 2011, TWL announced a delay in the refurbishment of its five-a-side football facility in Nottingham, which was preventing it achieving full operational levels and profitability. After further discussions with Nottingham City Council, (the "Council") it appears that until a final decision is taken with regard to the Council's proposed redevelopment of the site, the delays will continue.

 

The Board believed at the time that the delay would be relatively short and refurbishment would commence during Spring 2012. However, the Company has now been informed that a final decision on the feasibility of their planned project will now be taken by the Council in March. The Company will then be given a clearer timetable of when the work will start, to what extent it will encroach, if at all, on the Company's facility, and to what extent it will affect its day to day operation having regard to the need to refurbish the five-a-side football facility as soon as possible.

 

The Board of TWL has due regard to its rights under the lease it holds over the property and will take such steps as may be necessary to protect those rights in the circumstances. Discussions with the Council are ongoing.

 

 

For further information contact

 

The Weather Lottery PLC

John Botros (Company Secretary)                                       07714 209346

Allenby Capital (Nomads)

Nick Harriss/Nick Athanas/James Reeve                              020 3328 5656

SVS Securities (Broker)

Ian Callaway                                                                      020 7638 5600

Greycoat Communications

Andrew Marshall                                                                 07785 297111

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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