8 Nov 2013 07:00
Westside Investments plc / Ticker: WST.L / Index: AIM / Sector: Investment
8 November 2013
Westside Investments plc ('Westside' or 'the Company')
Strategic Acquisition of Football Data Services Ltd supports development of new child-friendly football-focussed social network
Westside, the AIM listed investment vehicle, is pleased to announce that it has entered into an agreement to acquire Football Data Services Ltd ('FDS') (the 'Acquisition'), a recently incorporated private company which will provide football data and statistics through a custom-built online platform. This acquisition supports the Company's strategy of building a new child-friendly, football-focussed, social network dedicated to children aged 7 to 17.
Overview
· Focussed on developing an interactive, child-friendly social network, which will compile football data relating to fixtures, results, league tables and player performance ('Social Network')
· It is intended that the site will supply data from, but is not limited to, league and cup competitions in the United Kingdom, Europe and South America, together with International fixtures
· Strategic acquisition supports growth plan to create an innovative Social Network
· James Shulman, the sole vendor of FDS, will remain on the Board of FDS and join the Board of Westside Sports Ltd, a subsidiary of Westside focussed on the development of the Social Network
· Westside has proven experience operating child-focussed sporting activities and established target market through its Sport in Schools subsidiary
· The strong cash position of FDS of some £150,000 will support continued development of Social Network
· Acquisition price for FDS will be 100,000,000 Westside shares, priced at 0.3p, having an aggregate value of £300,000
· James Shulman will be subject to a 12 month lock-in on the Westside shares
Westside CEO Geoffrey Simmonds said, "This strategic acquisition of FDS underpins our commitment to creating a leading, football focussed social network for children aged 7 to 17. By acquiring FDS we will develop a custom-built online platform, which will enhance our users' experience and prove significant as we look to host and develop our innovative new site. I am also delighted to welcome James Shulman to the Board of Westside Sports Ltd, and look forward to working together as we continue to develop this social platform."
Application has been made for the admission of 100,000,000 ordinary 0.1p shares to trading on AIM and admission is expected on 12 November 2013. Following admission, there will be 1,211,488,845 ordinary shares of 0.1p each in the Company in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Westside under the FCA's Disclosure and Transparency Rules.
Mr. James Shulman has an interest in 100,000,000 ordinary shares representing 8.25 per cent of the issued share capital of the Company.
The acquisition of FDS constitutes a substantial transaction under AIM Rule 12. Disclosures relating to Schedule Four of the AIM Rules are included within this announcement.
**ENDS**
For further information please visit www.westsideinvestments.co.uk or contact:
Geoffrey Simmonds | Westside Investments Plc | Tel: 020 7935 0823 |
Mark Percy | Cantor Fitzgerald Europe | Tel: 020 7894 7000 |
Catherine Leftley | Cantor Fitzgerald Europe | Tel: 020 7894 7000 |
Isabel de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Charlotte Heap | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes
About Westside
Westside Investments plc is an AIM listed UK based venture capital corporation established to acquire companies, or interests in companies, which are believed to have high prospects of returns and substantial growth. The Company holds a number of strategic interests in a range of AIM quoted and private companies, with a primary focus on the health and leisure industry.
About Sport in Schools Coaching
Westside holds a 100% interest in Sport in Schools which:
· Specialises in supplying first class sports tuition to primary school children
· Works within school timetable, satisfying government PE targets for children
· Operates sports clubs before and after school, and during lunchtime breaks in line with the government plans to provide 'Extended Day' for working parents
· Over 20 holiday sports camps, encompassing all sports throughout school holidays