27 Jun 2012 09:00
THE WEATHER LOTTERY PLC
("TWL" or the "Company")
Update re Nottingham 5-A-Side Football Facility & New Corporate Website
27 June 2012
The Board of TWL are pleased to announce that Nottingham City Council intend to redevelop the Harvey Hadden leisure centre involving an investment of around £13m on new state-of-the art sports facilities. TWL, through its wholly owned subsidiary Soccerdome Limited, holds a lease until 2031 over a part of the site under which it operates a five-a-side facility with eight courts. Its legal position in this regard is acknowledged by the Council.
The development at Harvey Hadden will include an Olympic size swimming pool and a mix of other sports facilities together with modern communal facilities. Work is likely to commence in early 2013 and the site will be closed for two years. TWL is in negotiations with the City Council regarding this period.
On completion Soccerdome Limited will operate the most modern facilities in a development in which the footfall will be significantly increased. The capital value of the asset it is believed will also be significantly increased representing a major investment as well as greatly increased revenue for TWL for years to come. The decision by Nottingham City Council to concentrate this development at Harvey Hadden is, the Directors of TWL believe a source of real long term value for the Company. This is a very exciting multi-million pound civic development with the Soccerdome facility playing an important part in it.
The Board of TWL has due regard to its rights under the lease it holds over the property. Discussions with the Council are ongoing, but the Board of TWL expects there to be no material impact in terms of the Company's profitability from this situation.
The Company's AIM Rule 26 website can now be found at www.theweatherlotteryplc.com/
For further information contact
The Weather Lottery PLC
John Botros (Company Secretary) 07714 209 346
Allenby Capital (Nomads)
Nick Harriss/Nick Athanas/James Reeve 020 3328 5656
SVS Securities (Broker)
Ian Callaway 020 7638 5600