CLO Gx Cloudcomp

RNS Number:7341M
Charlton Athletic PLC
23 June 2000


Not for release, publication or distribution in or into the
United States of America, Canada, Australia or Japan.

    Charlton Athletic plc ("Charlton" or "the Company")
  Placing and Open Offer of up to 10,664,280 New Ordinary
                          Shares
            of 50 pence each at 55 pence each.


The Board of Charlton Athletic plc, is pleased to announce,
today,  a  proposed Placing and Open Offer to raise  up  to
approximately  #5,735,000 million (net of expenses)  at  55
pence per share by Teather & Greenwood Limited on behalf of
the Company.

Richard Murray, Chairman of Charlton commented:

"The last two years have been amongst the most exciting and
successful in the history of the football club.  Having won
the  Nationwide  League Division One  Championship  thereby
achieving  promotion to the Premiership, it is the  Board's
intention to use the proceeds of the Placing and Open Offer
to  finance player acquisitions and their associated costs.
I am confident of our continued success."


Proposals connected with the Placing and Open Offer will be
put  to shareholders at an EGM to be held on Monday 17 July
2000  and  the prospectus and Application Form relating  to
the  Placing  and  Open Offer will be  sent  to  Qualifying
Shareholders later today.

23 June 2000

For further information contact:

Charlton Athletic plc                        020 8333 4000
Richard Murray  Chairman


Charlton Athletic Football Club              020 8333 4000
Peter Varney    Chief Executive
Nigel Capelin   Finance Director


Teather & Greenwood Limited                  020 7426 9073
Richard Thompson
Mark Taylor

The  Executive  Summary should be read in conjunction  with
the   detailed  press  release  released  today   and   the
prospectus referred to above.

PLACING AND OPEN OFFER

INTRODUCTION

The  Board  of  Charlton announces today that  the  Company
proposes  to raise up to approximately #5,735,000  (net  of
expenses)  by  way of a Placing and Open  Offer  of  up  to
10,664,280 New Ordinary Shares of 50p each at 55 pence  per
share.

Irrevocable  undertakings to subscribe for entitlements  in
respect  of  5,003,996 New Ordinary Shares under  the  Open
Offer  (representing  46.92 per cent of  the  New  Ordinary
Shares) have been received from certain Directors and other
Shareholders.   Irrevocable undertakings not  to  subscribe
for  entitlements  in  respect of  2,377,064  New  Ordinary
Shares under the Open Offer have been received from certain
other  Directors and other Shareholders (representing 22.29
per  cent of the New Ordinary Shares) such shares have been
placed  firm with Directors and other investors.  A further
798,975 New Ordinary Shares have been conditionally  placed
with  institutional  and other investors,  subject  to  the
rights  of  Qualifying Shareholders under  the  Open  Offer
being  made on behalf of the Company by Teather & Greenwood
Limited.

BACKGROUND TO THE PLACING AND OPEN OFFER

The  last two years have been amongst the most exciting and
successful in the history of the football club. In 1998 the
team  achieved  promotion  to the Premiership  in  dramatic
circumstances  following  a 7-6 win  on  penalties  against
Sunderland in the First Division play-off final at Wembley.

The  year in the Premiership ended in relegation, but  that
one  season in the top flight of English football made  the
Club stronger both in terms of the playing squad and in the
supporter base.  This provided the platform for Charlton to
mount a promotion challenge last season, which resulted  in
Charlton winning the Nationwide League Championship.   This
was  the  club's first Football League championship success
in 65 years.

Most  home games last season were again played to  capacity
home crowds at The Valley and the support given to the team
has been exceptional.  The Club issued nearly 16,000 season
tickets and next season it is expected to rise to in excess
of  17,500.  The average gate last season was 19,539  which
is 97.5% of ground capacity.

REASONS FOR THE ISSUE

The Board believes that it is vital that Alan Curbishley is
given  the  financial  support  necessary  to  acquire  the
players considered appropriate to improve the current first
team squad.  It is the intention of the Board that the  net
proceeds from this Issue will be made available to  finance
player acquisitions and their associated costs.

CURRENT TRADING AND FUTURE PROSPECTS

Since  30  June  1999, the reference date of the  Company's
last  audited  accounts, the Club has  completed  a  season
playing  in the Nationwide League Division One.  This  year
the  Group's  turnover  is  estimated  to  have  fallen  by
approximately  #4.5  million  due  mainly  to  a  fall   in
television  and  gate  receipts.   The  Club's  success  in
achieving  promotion  to  the  Premiership  will   have   a
beneficial  effect  upon  the  Group's  trading   for   the
forthcoming year.

The new television deal recently awarded by the Premiership
for the three seasons 2001 to 2004 will provide significant
additional revenues for the clubs involved.  The new  three
year shirt sponsorship deal with Redbus, announced in March
of this year, is a record deal for the Club.

The Board looks forward to the future with confidence.

TERMS OF THE ISSUE

The  Company  is  proposing to raise  up  to  approximately
#5,735,000 (net of expenses) by way of an issue  of  up  to
10,664,280 New Ordinary Shares at 55 pence per share.   The
issue  is  being  effected by means of a Placing  and  Open
Offer to Qualifying Shareholders.

Qualifying Shareholders may apply for any whole  number  of
ordinary  shares  under  the Open Offer.   Applications  in
excess  of  Qualifying Shareholders' entitlements  will  be
satisfied  only  to  the  extent  applications   by   other
Qualifying Shareholders are made for less than their  basic
entitlements.  Applications by Qualifying Shareholders will
be  satisfied in full up to their pro-rata entitlements  on
the basis of:

1  New Ordinary Share for every 4 Existing Ordinary Shares

held  by  them on the Record Date and so in proportion  for
any  other  number of Existing Ordinary Shares  then  held,
rounded  down  to the nearest whole number of New  Ordinary
Shares.   Fractions  of New Ordinary  Shares  will  not  be
allocated  to Qualifying Shareholders under the Open  Offer
but  will be aggregated and taken up in the Placing and the
proceeds retained for the benefit of the Company.

The  Firm  Placed  Shares will have  been  placed  firm  by
Teather  &  Greenwood  with  certain  Directors  and  other
investors (the "Firm Placed Shares").  798,975 New Ordinary
Shares  to  be issued pursuant to the Open Offer which  are
not  Firm Placed Shares have been conditionally placed with
investors by Teather & Greenwood Limited at the Placing and
Open  Offer  Price, subject to clawback  to  satisfy  valid
applications under the Open Offer.  The Open Offer has  not
been fully underwritten.

The  New Ordinary Shares, when issued and fully paid,  will
rank  pari passu in all respects with the Existing Ordinary
Shares.

The  latest  time  and  date for  receipt  from  Qualifying
Shareholders of the completed Application Forms and payment
in  full  in respect of the Open Offer is 3.00 p.m.  on  14
July 2000.

The  Issue is conditional, inter alia, upon Admission,  and
the  Placing Agreement having become unconditional  in  all
respects except in respect of Admission and not having been
terminated in accordance with its terms prior to Admission.

TIMETABLE

A  prospectus  setting  out the above  proposals  is  being
posted  to  Qualifying Shareholders today, along  with  the
Application Form and a notice of the Extraordinary  General
Meeting  ("EGM").   It is expected that  the  New  Ordinary
Shares to be issued pursuant to the Placing and Open  Offer
will  be  admitted to trading on AIM on 19  July  2000  and
that,  where  relevant, CREST accounts will be credited  on
the same day.  Otherwise, definitive share certificates are
expected to be despatched by 2000.

The timetable for the Placing and Open Offer is as follows:

Record Date for the Open Offer         Friday, 16 June 2000
                                                           
Latest   time  and   date   for                            
splitting Application Forms (to                            
satisfy   bona   fide    market       3.00 pm, 12 July 2000
claims)
                                                           
Latest   time  and   date   for                            
receipt  of  Application  Forms       3.00 pm, 14 July 2000
and payment in full
                                                           
Latest   time  and   date   for                            
receipt of proxy forms for  the      11.00 am, 15 July 2000
EGM
                                                           
EGM                               11.00 am, Monday, 17 July
                                                       2000
                                                           
Expected    commencement     of                            
dealings  in  the New  Ordinary    Wednesday, 19 July  2000
Shares
                                                           
CREST member accounts credited     Wednesday, 19 July  2000
                                                           
Definitive certificates for New                            
Ordinary Shares despatched             Friday, 21 July 2000

Proposals connected with the Placing and Open Offer will be
put to Shareholders at an EGM to be held on Monday, 17 July
2000 and a prospectus and Application Form will be sent  to
Shareholders later today.

The  Application Form, which is personal to  shareholder(s)
named thereon may not be assigned or transferred (except to
satisfy bona fide market claims) and represents a right  to
subscribe  for  their entitlements to new  ordinary  shares.
The  application  form is not a negotiable  document  or  a
document of title and cannot be traded.

23 June 2000


For further information

Charlton Athletic plc                        020 8333 4000
Richard Murray  Chairman


Charlton Athletic Football Club         020 8333 4000
Peter Varney    Chief Executive
Nigel Capelin   Finance Director


Teather & Greenwood Limited             020 7426 9073
Richard Thompson
Mark Taylor

Teather  &  Greenwood Limited, which is  regulated  by  the
Securities  and  Futures Authority Limited  is  acting  for
Charlton and no-one else in connection with the Placing and
Open  Offer  and  accordingly will not  be  responsible  to
anyone  other  than Charlton for providing the  protections
afforded to customers of Teather & Greenwood Limited or for
giving advice in relation to the Placing and Open Offer.


END

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