ARE.L Regulatory News (ARE)

16 Nov 2005 14:48

Arena Leisure PLC16 November 2005 Arena Leisure Plc Disposal of Shareholding in Satellite Information Systems (Holdings) Ltd Delay in ATR recovery of monies due from UK racecourses Arena Leisure Plc, the UK's largest operator of horseracing fixtures, announces that it has disposed of its minority 1% shareholding in Satellite Information Services (Holdings) Limited ('SIS') for a cash consideration of £1.2 million. SIS provides television pictures, text and voice data from horserace courses and greyhound stadia to licensed betting offices. Arena Leisure believes that the offer of £518.93 per share represents full value for this investment which was originally gifted to the Company upon the formation of SIS. The net profit of approximately £0.8 million will be shown as a profit on the sale of investments in the profit and loss account for the year ended 31 December 2005. The company does not anticipate any tax liability on the transaction due to the availability of tax losses. The proceeds from the disposal will be used to repay debt. Arena Leisure has today also been informed by At The Races ("ATR"), its jointventure with BSkyB, that the High Court hearing relating to its claim for moniesowing to it from racecourses in the UK under the terms of the original MediaRights Agreement has been postponed after the judge appointed to hear the casestepped down. Consequently, the case has been rescheduled to commence on 13March 2006 at the High Court in London. -ends- For further information, please contact: Arena Leisure PlcMark Elliott, Chief Executive 020 7495 2277 Bell Pottinger Corporate & FinancialDavid Rydell / Zoe Sanders 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange