Tottenham Hotspur PLC
21 December 2000
Tottenham Hotspur plc ('Tottenham' or 'the Company')
Proposed purchase of shares in Tottenham by ENIC Sports plc ('the
Acquisition') and changes to the Tottenham Board
The Company announces that a conditional agreement has been reached between a
subsidiary of ENIC plc ('ENIC') and Amshold Limited ('Amshold'), a company
wholly owned by Sir Alan Sugar, the chairman of the Company, regarding the
sale of 27,356,649 ordinary shares of 5 pence each in the Company ('Ordinary
Shares') by Amshold to ENIC, at a price of 80 pence per share. The Acquisition
will increase ENIC's interest in Tottenham to 29.9 per cent. of its issued
ordinary share capital.
Amshold has also granted ENIC an option to acquire, at any time within 18
months from the date of completion of the Acquisition ('Option Expiry Date'),
some or all of its remaining 13,396,026 Ordinary Shares (representing a
further 13.17 per cent. of Tottenham's issued ordinary share capital) at 80
pence per Ordinary Share. For a further period of 18 months from the Option
Expiry Date, ENIC has a right of first refusal to acquire any Ordinary Shares
retained by Amshold at a price no less favourable than that upon which Amshold
has agreed to sell such Ordinary Shares to a third party.
The Acquisition is conditional, inter alia, upon the approval of ENIC
shareholders. It is expected that an Extraordinary General Meeting of ENIC to
approve the Acquisition will be held in February 2001.
In connection with the Acquisition, the Company announces the following
changes to the Board of Tottenham:
Sir Alan Sugar will remain as Chairman of Tottenham until completion of the
acquisition by ENIC, which is expected in February 2001, at which point he
will resign as Chairman and also as a director of the Company. In addition,
Messrs. Chisholm and Littner have stepped down as Non-Executive Directors of
Tottenham. Daniel Levy, Managing Director of ENIC, has been appointed to the
Board of Tottenham as a Non-Executive Director.
Sir Alan Sugar, Chairman, said:
'This is an exciting development for Tottenham. ENIC has a wealth of
experience both of European Club football and the exploitation of media and
other commercial rights. I believe that ENIC is committed to the long term
prosperity of the club and has the right business skills to take it forward
from here.'
20 December 2000
Enquiries: Tottenham Hotspur
John Sedgwick - Finance Director - 020 8365 5000
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.