Stmnt re Prop Acqn by ENIC
Tottenham Hotspur PLC
21 December 2000
Tottenham Hotspur plc ('Tottenham' or 'the Company')
Proposed purchase of shares in Tottenham by ENIC Sports plc ('the
Acquisition') and changes to the Tottenham Board
The Company announces that a conditional agreement has been reached between a
subsidiary of ENIC plc ('ENIC') and Amshold Limited ('Amshold'), a company
wholly owned by Sir Alan Sugar, the chairman of the Company, regarding the
sale of 27,356,649 ordinary shares of 5 pence each in the Company ('Ordinary
Shares') by Amshold to ENIC, at a price of 80 pence per share. The Acquisition
will increase ENIC's interest in Tottenham to 29.9 per cent. of its issued
ordinary share capital.
Amshold has also granted ENIC an option to acquire, at any time within 18
months from the date of completion of the Acquisition ('Option Expiry Date'),
some or all of its remaining 13,396,026 Ordinary Shares (representing a
further 13.17 per cent. of Tottenham's issued ordinary share capital) at 80
pence per Ordinary Share. For a further period of 18 months from the Option
Expiry Date, ENIC has a right of first refusal to acquire any Ordinary Shares
retained by Amshold at a price no less favourable than that upon which Amshold
has agreed to sell such Ordinary Shares to a third party.
The Acquisition is conditional, inter alia, upon the approval of ENIC
shareholders. It is expected that an Extraordinary General Meeting of ENIC to
approve the Acquisition will be held in February 2001.
In connection with the Acquisition, the Company announces the following
changes to the Board of Tottenham:
Sir Alan Sugar will remain as Chairman of Tottenham until completion of the
acquisition by ENIC, which is expected in February 2001, at which point he
will resign as Chairman and also as a director of the Company. In addition,
Messrs. Chisholm and Littner have stepped down as Non-Executive Directors of
Tottenham. Daniel Levy, Managing Director of ENIC, has been appointed to the
Board of Tottenham as a Non-Executive Director.
Sir Alan Sugar, Chairman, said:
'This is an exciting development for Tottenham. ENIC has a wealth of
experience both of European Club football and the exploitation of media and
other commercial rights. I believe that ENIC is committed to the long term
prosperity of the club and has the right business skills to take it forward
from here.'
20 December 2000
Enquiries: Tottenham Hotspur
John Sedgwick - Finance Director - 020 8365 5000
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