28 Nov 2018 17:55
28 November 2018
TLA Worldwide plc
("TLA" or "the Group")
Update on Strategic Review
Further to the announcement on 24 September 2018, TLA's subsidiary, TLA Acquisitions Limited has signed a letter of intent ("LOI") to sell the Group's US businesses (comprising both the baseball and US sports marketing businesses) to a fund managed by Gatemore Capital Management LLP ("Gatemore"). The sale is subject, inter alia, to due diligence and the execution of a definitive agreement by 3 December 2018 and if not, either party may terminate the LOI in its sole discretion. Following the sale, the US business will operate as a privately owned business.
The Group is now also actively considering the sale of its Australian businesses (comprising the Australian sports marketing business).
These disposals are expected to require Shareholder approval under AIM Rule 15. In addition, the potential sale of the US businesses to Gatemore will be treated in accordance with AIM Rule 13.
Whilst discussions with the various parties are continuing, the indications are that the sale proceeds from both the US and Australian businesses, after the full discharge of the bank debt held at subsidiary level, will leave a modest cash balance in TLA.
As definitive arrangements are agreed, further announcements will be made.
This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
TLA Worldwide | |
Ian Gray, Executive Chairman | +44 20 7618 9100 |
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Beaumont Cornish Limited (Nomad and Broker) | |
Roland Cornish, James Biddle | +44 20 7628 3396 |
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Luther Pendragon | |
Harry Chathli, Alexis Gore | +44 20 7618 9100 |
About TLA
TLA is a leading athlete representation, sports marketing and event management group quoted on London's AIM. The Group derives revenues from long term agency relationships with many prominent US and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA TOUR, AFL, Olympians and cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation and ownership. With over 170 full-time personnel, TLA serves its clients from 10 locations worldwide including its offices in London, UK; New York, Newport Beach, Houston, Charleston, San Francisco, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.