Wembley plc - Completion of U.S. sale process and share repurchase - Tuesday 12th of July 2005
The Board of Wembley announces that the sale of the US Gaming Division completed
yesterday with the net receipt of approximately $348 million (after adjustments)
from BLB Investors LLC (BLB). A cash balance of approximately $14 million
formed part of the assets transferred with the US Gaming Division.
The repurchase of BLBs 7,732,500 ordinary shares in the capital of the Company
was also completed yesterday, following which the repurchased shares were
cancelled. The aggregate purchase price for these shares was $116 million.
This amount was set off against a promissory note of an identical value that was
paid by BLB to Wembley in addition to the $348 million cash referred to above as
part of the consideration for the sale of the US Gaming Division.
Following the completion of the sale of the US Gaming Division, Wembley no
longer has any trading operations and accordingly, a circular will be despatched
to shareholders as soon as possible convening an extraordinary general meeting
at which shareholders will be asked to put Wembley into a members voluntary
liquidation and to authorise the cancellation of the listing of Wembleys
ordinary shares from the Official List of the UKLA.
College Hill Tel: +44 (0) 20 7457 2020
Matthew Smallwood / Justine Warren
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