Result of General Meeting
March 02 2009 - 8:00AM
UK Regulatory
TIDMPLEI
RNS Number : 1357O
Pantheon Leisure PLC
02 March 2009
Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
2 March 2009
Pantheon Leisure plc ('Pantheon' or 'the Company')
Result of General Meeting
Pantheon Leisure plc is pleased to announce that the resolution set out in the
circular to shareholders on 11 February 2009 was duly passed at the General
Meeting of the Company held earlier today.
**ENDS**
For further information please visit www.pantheonleisure.com or contact:
+-------------------+----------------------------------+--------------------+
| Geoffrey Simmonds | Pantheon Leisure plc | Tel: 020 7935 0823 |
+-------------------+----------------------------------+--------------------+
| Liam Murray | Dowgate Capital Advisers Limited | Tel: 020 7492 4777 |
+-------------------+----------------------------------+--------------------+
| Susie Callear | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Limited | |
+-------------------+----------------------------------+--------------------+
Further information
Pantheon Leisure plc was formed to acquire businesses in the leisure sector
Following the passing of the resolution the Company has agreed to acquire
22,540,000 ordinary shares of 0.5 pence each in the share capital of AIM listed
ADDleisure Plc ('the Sale Shares') together with its entire holding of 2,820,000
warrants to subscribe for 2,820,000 new ordinary shares of 0.5 pence each in
ADDleisure Plc ('the Sale Warrants') ('the Acquisition') from Reverse Take-Over
Investments Plc ('RTI'), a wholly owned subsidiary of Westside Acquisitions Plc
('the Agreement').
Under the terms of the Agreement, the Company has agreed to acquire the Sale
Shares and the Sale Warrants for the aggregate amount of GBP500,000. The Sale
Shares represent approximately 10.75% of the issued share capital of ADDleisure
Plc, being RTI's entire holding of shares of ADDleisure Plc.
The consideration payable under the Agreement will be satisfied by the issue of
GBP500,000 7.5% unsecured convertible loan notes by the Company to RTI ('the
Loan Notes'). The Loan Notes are convertible by RTI in whole or part at any time
prior to their redemption, into new Ordinary Shares of 0.5 pence in the capital
of the Company ('Ordinary Shares') at a conversion price of 1 pence per new
Ordinary Share. Accordingly, if RTI exercises its rights to convert all the Loan
Notes into Ordinary Shares, RTI will be issued with 50 million fully paid
Ordinary Shares which represents approximately 29.4% of the then enlarged share
capital of the Company. The Loan Notes will be redeemable at any time by the
Company on or after the first anniversary of the date of issue and to the extent
not redeemed or converted, will be repayable on 2 March 2014.
Further information on ADDleisure can be found on its website at
www.addleisure.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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