Update on Strategic Review

RNS Number : 8289I

TLA Worldwide PLC

28 November 2018

 

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	[phone]
Beaumont Cornish Limited (Nomad and Broker)
Roland Cornish, James Biddle	[phone]
Luther Pendragon
Harry Chathli, Alexis Gore	[phone]

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.

 

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