20 Jan 2011 07:00
THE WEATHER LOTTERY PLC
Ticker: TWL
("The Weather Lottery", "TWL" or the "Company")
Accounting Provisions
Dated: 20 January 2011
The Company published and announced its accounts for the year ended 31 July 2010 (the "Accounts") on 4 January 2011.
Since that date, and as stated in the announcement of 14 January 2011, two former employees have been charged with fraud and theft. The Accounts already included a provision of £40,000 to cover the potential payments to be made to winners in respect of this fraud together with a debtor of £40,000 to recover this money under an equitable charge on shares belonging to one of the accused, Mr. Keith Milhench, a former director of the Company. Specific reference could not be made in the financial statements at the time for legal reasons. As the situation has only been clarified since publication of the accounts it is now clear that TWL must make a further provision of £30,000. The directors do not propose revising the published accounts in respect of this post balance sheet event and instead the further provision will be reflected in the interim results to January 31st 2011. Had the additional provision been shown within the published accounts then the loss for the year to 31 July 2010 would have been £107,000 and the loss per share 0.1p.
ENDS
For further information contact:
The Weather Lottery PLC
Ross White 01777 818036
Website www.theweatherlottery.com
Religare Capital Markets (Nomad) 020 7444 0800
Nick Harriss
SVS Securities (Broker) 020 7638 5600
Ian Callaway/Alex Mattey