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Westside Investments

  • BY: Andrew Hore |
  • POSTED: 05/11/2014 |

Investment company Westside Investments has taken advantage of the soaring Fitbug share price by selling 2 million shares at 4.4p a share.

Westside was an original backer of the online personal health equipment and services company when it was known as ADDleisure and joined Aim on 22 October 2004. Strangely that is exactly ten years before the announcement that US discount retailer Target will stock Fitbug products in all of its 1,800 stores and on its website and Sainsbury will stock the products in 293 stores. Prior to that announcement Fitbug shares were trading at 0.38p each and they reached 6.23p at one point.

The Fitbug stake is held through Westside’s 85.87%-owned subsidiary Pantheon Leisure, which continues to own 4.25 million shares, while Westside director Geoffrey Simmonds, who has just stepped down from the Fitbug board, owns just over 2 million shares.

Westside has raised £88,000 from the disposal. The original stake of 20 million shares cost Westside £100,000 – 0.5p a share. Fitbug/ADDleisure subsequently floated at 5p a share – 50p post-consolidation. It appears that it bought a further 2.54 million shares at 5p each – a further cost of £127,000. The total stake plus 2.82 million warrants were transferred to Pantheon in 2009. There was subsequently a 10-for-one share consolidation and a further 1 million consolidated shares were acquired at 10p each - £100,000 cost. Pantheon was quoted on Aim but it left in September 2010. That was just before Pantheon subscribed for 3 million shares at 1p each. This means that the total cost of the stake appears to be £357,000, so Pantheon is still losing money on the stake.

At the current Fitbug share price of 4.5p a share, the remaining Westside stake is valued at £187,000. This still means that Westside is still losing £82,000.

At 0.28p a share, Westside is valued at £3.99m. Net assets were £797,000 at the end of June 2014, including net cash of just over £500,000.

Westside’s main subsidiary is Pantheon, which runs sports coaching business Sports in Schools and five-a-side football organiser Football Partners. Pantheon is also developing the UltimatePlayer.me online site - £138,000 was invested in the first half of 2014. Westside also has stakes in Aim-quoted Messaging International and Aeorema Communications.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2014_61.pdf

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