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Pantheon Leisure

  • BY: Andrew Hore |
  • POSTED: 01/03/2009 |

Pantheon Leisure is holding an EGM on 2 March to agree to the acquisition of a 10.75% stake in ADDleisure.

Leisure-based investment company Pantheon is buying the stake in ADDleisure from Aim-quoted investment company Westside Acquisitions. It is buying 22.54m ADDleisure shares and 2.82m warrants in return for £500,000 of 7.5% unsecured convertible loan notes. The conversion price is 1p a share and the loan note is repayable on 2 March 2014.

Aim-quoted health and fitness company ADDleisure and Pantheon both started out as shells set up by Westside subsidiary Reverse Take-Over Investments. Westside owns 62.5% of Pantheon. If it converted the loan notes it would have to make a mandatory bid for Pantheon.

At 0.65p a share, Pantheon is valued at £780,000.

At 2p a share, ADDleisure is valued at £4.19m. The stake that Pantheon is acquiring is valued at £451,000.

Pantheon, which organises five-a-side football leagues and leisure activities for schools, reported a rise in revenues from £393,000 to £549,000 in the six months to June 2008. It reduced its loss from £134,000 to £71,000. Net cash was £653,000.

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