ALLG All Leisure

TIDMALLG

RNS Number : 3891U

All Leisure Group PLC

15 October 2014

15 October 2014

All Leisure group plc

Update

The Board of All Leisure group plc (the "Company" or the "Group") (AIM: ALLG), the niche cruise and tour operator specialising in the over-55s market, announces that it has successfully sold its 43 year old, loss-making cruise ship mv Discovery ("Discovery") to Liberty Resources Inc. of Nassau, Bahamas ("Liberty") for a net consideration of US Dollars 5.0m. This cash has now been received by the Company.

On 13 February 2014, the Group announced that it had written down the value of Discovery to approximately GBP9.9m including spares and planned to dispose of it at the end of the summer. Although the consideration received is less than the current book value of the vessel, the Board's decision to sell mv Discovery to Liberty also took into account the absence of the future liabilities and other uncertainties associated with many other bids. The losses attributable to mv Discovery for the year ended 31 October 2013 were in excess of GBP3m. Several higher indicative offers were made but had weaker cash flow profiles given the prospect of staged payments over several years. Furthermore, during these extended payment periods, the Group would have remained responsible for warranting the vessel and the forthcoming winter lay-up costs of the vessel, together with the costs of meeting the requirements of the dry docking regime. It was the Board's considered view that is was therefore in shareholders' best interests to accept the lower cash offer in full and final settlement.

The Group's financial year end is 31 October and a further update will be provided on current trading at the end of November 2014. This will include an assessment of the financial impact of the cruises to Ukraine and Crimea, as notified on 11 July 2014 in the Group's interim results for the six months ended 30 April 2014.

Further to the announcement dated 21 July 2014, the Company is also pleased to confirm the appointment of Kevan Witts to the role of Interim Group Finance Director with effect from 11 September 2014. Chris Gadsby has stepped down from his role as Group Finance Director and remains with the Company until mid-December. The Company has already commenced the search for a new Group Finance Director. The Board would like to thank Chris for his contribution to the business and wish him success for the future.

Kevan Ronald Witts (aged 54)

 
 Current Directorships /           Former Directorships / 
  Partnerships                      Partnerships (past 5 years) 
 All Discovery Cruising            (none) 
  Limited 
 All Leisure Group plc 
 All Leisure Holidays Limited 
 Atholl Shipping Corporation 
 Blue Chip Travel Coaching 
  Limited 
 Blue Chip Travel Limited 
 Cruise Line Direct Limited 
 Cruiseminded Limited 
 Discovery Cruises Limited 
 Discovery Cruising Limited 
 Discovery Shipping Limited 
 Just You Holidays Limited 
 Page & Moy Limited 
 Page & Moy Properties Limited 
 Page & Moy Surface Transport 
  Services Limited 
 Page & Moy Travel Air Transport 
  Services Limited 
 Page & Moy Travel Group 
  Air Holidays Limited 
 Page & Moy Travel Group 
  Limited 
 Page & Moy Travel Group 
  Surface Holidays Limited 
 Page & Moy Travel Limited 
 Travelsphere Limited 
 Voyages of Discovery Limited 
 Worldwide Voyages of Discovery 
  Limited 
 

There are no further matters in connection with the Company's appointment of Kevan Witts to be disclosed under Rule 17 or Schedule Two paragraph (g) of the AIM Rules.

 
 All Leisure group PLC 
 Roger Allard (Executive Chairman)       Tel: +44 7836 382767 
 Ian Smith (Group Chief Executive        Tel: +44 1858 588396 
  Officer) 
 Kevan Witts (Interim Group Finance      Tel: +44 1858 588216 
  Director) 
 
 Panmure Gordon (UK) Limited 
 Andrew Godber/Charles Leigh-Pemberton   Tel: + 44 207 7886 
                                          2500 
 
 Citigate Dewe Rogerson 
 Ginny Pulbrook                          Tel: +44 207 282 2945 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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