ARE.L Regulatory News (ARE)

27 Sep 2005 07:02

Arena Leisure PLC27 September 2005 27 September 2005 Arena Leisure Plc ("Arena" or "the Company") Directorate Change The Board announces that it has today appointed Mark Elliott as ChiefExecutive. Mark, aged 40, is the former Chief Executive of Wembley plc andtakes up the Arena position as of 1 October 2005. The Board has accepted the simultaneous resignation of Ian Penrose as ChiefExecutive who is joining Sportech Plc. The Board would like to thank Ian for hissignificant contribution to Arena Leisure. Since he joined in 1998, the Companyhas built a strong and profitable racecourse business whilst also establishing asuccessful media rights and distribution business through At The Races ("ATR"),its joint venture with BSkyB and leading UK racecourses. Arena is now the UK'snumber one racecourse operator, hosting 27% of all racing in the UK. Ian Penrose will continue to play a consultancy role for Arena Leisure untilMarch 2006. Ian will advise the Company on forthcoming legal action by ATRagainst initially, the British Horseracing Board regarding the supply ofpre-race data, and secondly, against the Racecourse Association and a number ofracecourses regarding rebates owed to ATR. Both cases are due to be heard incourt later this year. He will also consult on the imminent conclusion of theDoncaster racecourse joint venture partnership. Mark Elliott, a qualified accountant, is a respected executive director in thequoted company leisure sector. Mark was formerly Finance Director and then ChiefExecutive of Wembley plc, culminating in the successful execution of Wembley'sstrategy to liquidate the company and return in excess of £300 million of cashto shareholders. During Mark's seven year tenure on the Board of Wembley, the company operatedten greyhound tracks across the UK and USA and one horse racing track in the US.Profits from the UK operations in this period increased by more than 40% toaround £4.4 million and those in the US doubled to in excess of $57 million. Theimprovements were derived from an increasingly customer focused approach and, inthe US in particular, the expansion of ancillary gaming opportunities. The following information is provided in respect of current and previousdirectorships. Current Directorships:None Directorships held within the last five yearsWembley plc and wholly-owned related subsidiaries Ends For further information David Rydell/Zoe SandersBell Pottinger Corporate & Financial 0207 861 3232 This information is provided by RNS The company news service from the London Stock Exchange