CTNA.L Regulatory News (CTNA)

27 Sep 2005 10:20

Westside Acquisitions PLC27 September 2005 Westside Acquisitions plc ("Westside" or "the Company") Trading Update Pantheon leisure plc ("Pantheon") operates in the sports & leisure sector, andis planning to list on the AIM market of the London Stock Exchange ("AIM") on 27September 2005. Pantheon is raising £750,000 through the placing of 25 millionnew ordinary shares at 3p per share, giving Pantheon a valuation of £3 millionat the placing price. Pantheons acquired The Elms Group limited ("Elms"), by way of share exchange inSeptember 2005 from Westside Sports Limited - which is wholly owned by Westside.As a result, Westside will own 75% of Pantheon's share capital following theplacing and Admission to AIM. Elms was established in 1989 by group chief executive Barbara Moss. It operatesin four main sports activities including 5-a-side football, bespoke corporateevents, the operation of international summer camps and a "Sports in Schools"programme. Westside acquired 100% of Elms in July 2000 for a consideration satisfied by theissue of 1,150,000 ordinary shares in Westside and £300,000 in cash. From thedate of acquisition, Westside has supported Elms in its development includingthe subscription of £150,000 additional capital and now concluding in thesuccessful flotation of the business through Pantheon. Commenting on the IPO of Pantheon, Westside CEO Geoffrey Simmonds said, "We aredelighted at the market response to the flotation of Pantheon and look forwardto participating in its continued success. Our 75 per cent. holding, valued at£2.25 million at the placing price, will further strengthen Westside's net assetposition as well as serve as an excellent endorsement of our investmentstrategy." Enquiries: Geoffrey Simmonds, CEO, Westside Acquisitions plc - 020 7935 0823Isabel Crossley, St Brides Media & Finance Ltd - 020 7242 4477Mark Percy/Liam O'Donoghue, Seymour Pierce Limited - 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange