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
Andrew Marshall 07785 297111
This information is provided by RNS
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