Dunedin Enterprise Inv Trust PLC
02 December 2004
For Immediate Release 2 December, 2004
Dunedin Enterprise Investment Trust PLC
Complete exit from Goals Soccer Centres plc upon flotation on AIM
Dunedin Enterprise Investment Trust PLC ('Dunedin Enterprise' or the 'Trust'),
which specialises in the provision of equity finance for management buyouts,
management buyins and growing businesses, today announces that it will fully
exit from its investment in Goals Soccer Centres plc ('Goals') following the
flotation of Goals on the Alternative Investment Market ('AIM').
Dunedin Enterprise will receive net proceeds of £9.3 million, £4.4 million of
which constitutes the redemption of loan stock. The valuation of Dunedin
Enterprise's investment in Goals at 30 April 2004 was £4.6 million. This
represents an uplift of £4.7 million.
Goals is a leading operator of 'next generation' five-a-side soccer centres
across the UK. It operates 11 centres across the UK and has established a
well-progressed pipeline of sites to continue its proven roll-out concept with
15 more centres planned over the next three years. Goals centres are used by
over 30,000 customers each week.
Dunedin initially invested in Goals in November 2000 when it led the management
buyin ('MBI') of the company. Dunedin provided equity finance and the Bank of
Scotland structured an innovative debt package. Post-MBI, Dunedin took an active
role in supporting and guiding the business and provided further development
finance, thus allowing the business to expand from five football centres to 11.
Dunedin also facilitated the introductions to Goals's Chairman Sir Rodney Walker
and Vice-Chairman Graham Wilson.
Goals shares have been placed with institutions and priced at 62p per share. The
first day of dealings will be on Tuesday 7 December 2004. On listing, the market
capitalisation of Goals will be £26 million.
Brian Scouler, Director of Dunedin Capital Partners, said: 'We are very pleased
that Goals has floated so successfully, allowing Dunedin Enterprise to exit
fully from its investment. Goals's roll-out strategy made it an excellent fit
with Dunedin's investment strategy. We wish the team well with their further
roll-out plans.'
ENDS
For further information, please contact:
Dunedin Capital Partners Limited
Brian Scouler, Director 0131 225 6699
07811 262796
Goals Soccer Centres plc
Keith Rogers, Managing Director 01698 28 66 33
Bill Gow, Finance Director
Binns & Co PR Limited
Jacqui Graves / Victoria Stephens 020 7153 1486 / 020 7153 1482
EDITORS NOTES
1 Dunedin
Dunedin Capital Partners provides equity finance for management buyouts and
management buyins with a transaction size of £10 million - £50 million. It is an
independent private equity house, owned by the directors and staff, operating
throughout the UK from offices in Edinburgh and London. Dunedin invests in
established companies, in a broad range of industry sector, which demonstrate a
history of sales and profit growth. It helps to define and reach the strategic
goals of these investee companies whilst empowering the management teams that
run them and provides additional capital for growth if required. Dunedin Capital
Partners is authorised and regulated by the Financial Services Authority.
2 Goals Soccer Centres plc
Keith Rogers, managing director of Goals, co-founded Anchor International
Limited which opened its first 5-a-side centre in 1987. He successfully expanded
the business before it was sold to 3i for £28 million in 1999. Anchor
International's first site is still operating today.
Following the sale of Anchor International, Keith Rogers led an MBI of an
existing 5-a-side business operating five centres. This provided an opportunity
to create an enhanced 5-a side concept based on strong branding, convenient
locations and high quality facilities.
This information is provided by RNS
The company news service from the London Stock Exchange
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