RNS Number:0785Y
Sheffield United PLC
08 February 2006
Embargoed unitl 0700, 8 February 2006
Not for release, distribution or publication in or into the United States,
Canada, Australia, Japan or the Republic of Ireland
Sheffield United plc
One-for-two Open Offer
Proposed acquisition of health club
Waiver Of Mandatory Offer Requirements Under The City Code
Sheffield United plc ("Sheffield United" or "the Company") (AIM:SUT), one of the
oldest football club operators in the UK, announces that it intends to raise up
to approximately #10.7 million before expenses, of which #8.75 million is
underwritten, by way of a one-for-two Open Offer of new Ordinary Shares at 15
pence per share to Qualifying Shareholders.
It is intended that the proceeds from the net underwritten amount raised through
the Open Offer will be employed in the following ways:
* #2,750,000 to finance the cost of developing the corner stand at
Bramall Lane;
* #1,000,000 to partially fund the cost of acquiring the Thames Club, as
detailed below; and
* the balance to be applied to the cost of funding the additional
investment in players' wages and for working capital purposes.
Any amounts raised in excess of the net underwritten amount will be used to fund
other business projects of the Company including the proposed hotel development
at Bramall Lane and for working capital purposes.
Sheffield United also announces that, in accordance with its stated strategy of
increasing its business interests in areas which are not related to the
performance of its first team, the Club proposes to acquire the Thames Club, a
health and fitness club based at the Staines Town Football Club ground in
Staines, for a cash consideration of #4 million. The Thames Club has facilities
that include an 85 station gymnasium, a 20 metre pool and sauna, a 300 capacity
function suite, a sports bar and other associated facilities. It is located in a
residential suburb close to the centre of Staines.
Commenting, Kevin McCabe, chairman, said: "The Open Offer and proposed
acquisition of the Thames Club will be a significant step forward for Sheffield
United and advance further our strategy of building a property and leisure
services business around a football club. We recently opened the 'Impact' health
club and juice bar at our Academy in Sheffield and stated at the launch that we
intended to roll the concept out to other locations. The Thames Club will now
become the flagship gym for that division."
Jason Rockett, chief executive, added: "The proceeds of the Open Offer will
allow us to finance the infill over the corner stand at Bramall Lane and provide
us with funding for our continued investment in our first team, in order to
maintain our position in the Championship and attain promotion to the
premiership."
Scarborough Property Company plc (a company indirectly controlled by K C McCabe)
has agreed to underwrite #8,350,000 of the amounts to be raised under the Open
Offer and Craftglen Ltd (a company controlled by J L Burnley) together with
Green Piling Ltd (a company in which D Green, a director of the Club, has a
significant interest) have each agreed to underwrite #200,000 of the amounts to
be raised under the Open Offer.
KC McCabe and his connected persons currently have a beneficial interest in
Ordinary Shares of 66,631,320, representing 46.76 per cent. of the issued share
capital of the Company, and a non-beneficial interest of 698,040 Ordinary
Shares, representing a further 0.49 per cent. of the issued share capital of the
Company. In addition, the Panel on Takeovers and Mergers has ruled that the
Underwriters (other than Green Piling) together with certain of their connected
parties constitute a concert party with regard to the Company's share capital.
Under the City Code, a person who already holds shares which carry between 30
and 50 per cent. of the voting rights in the Company may not, except with the
consent of the Takeover Panel, normally acquire further shares without making a
general offer to the other Shareholders to acquire their Ordinary Shares.
Accordingly, the Underwriting is conditional, inter alia, on the approval of
Independent Shareholders and a resolution to approve the waiver by the Takeover
Panel of this mandatory requirement, which would otherwise arise, is to be
proposed at the Extraordinary General Meeting to be held at 11 a.m on 3 March
2006.
This summary should be read in conjunction with the full text of the
announcement BELOW
For further information:
Sheffield United plc: 0870 787 1960
Kevin McCabe, chairman
Jason Rockett, chief executive officer
Mark Fenoughty, chief operating officer
Tavistock Communications: 020 7920 3150
Jeremy Carey / Richard Sunderland / Rachel Drysdale
This announcement does not constitute or form any part of any offer or
invitation to subscribe for, underwrite or otherwise acquire, or any
solicitation of any offer to purchase or subscribe for securities. Any purchase
of, or application for, securities in the Open Offer should only be made on the
basis of information contained in the formal prospectus to be sent to
shareholders of the Company and any supplement thereto.
8 February 2006
Sheffield United plc
One-for-two Open Offer
Proposed acquisition of health club
Waiver Of Mandatory Offer Requirements Under The City Code
1. Introduction
The Company announces that it intends to raise up to approximately #10.7 million
(#10.5 million net of expenses) through the issue of up to 71,242,565 new
Ordinary Shares by way of an Open Offer at a price of 15p per share. Scarborough
and Craftglen (companies controlled by Kevin McCabe and John Burnley
respectively), have agreed, together with a proposed new investor, Green Piling,
to underwrite #8.75 million in aggregate of the amounts to be raised by the Open
Offer.
KC McCabe and his connected persons currently have a beneficial interest in
Ordinary Shares of 66,631,320, representing 46.76 per cent. of the issued share
capital of the Company, and a non-beneficial interest of 698,040 Ordinary
Shares, representing a further 0.49 per cent. of the issued share capital of the
Company. In addition, the Panel on Takeovers and Mergers has ruled that the
Underwriters (other than Green Piling) together with certain of their connected
parties constitute a concert party with regard to the Company's share capital.
Under the City Code, a person who already holds shares which carry between 30
and 50 per cent. of the voting rights in the Company may not, except with the
consent of the Takeover Panel, normally acquire further shares without making a
general offer to the other Shareholders to acquire their Ordinary Shares.
Accordingly, the Underwriting is conditional, inter alia, on the approval of
Independent Shareholders and a resolution to approve the waiver by the Takeover
Panel of this mandatory requirement, which would otherwise arise, is to be
proposed at the Extraordinary General Meeting to be held at 11 a.m on 3 March
2006.
The Underwriting constitutes a related party transaction under the AIM rules.
The Directors, other than KC McCabe and JL Burnley, are of the opinion, having
consulted with KBC Peel Hunt, that the terms of the Underwriting are fair and
reasonable in so far as Shareholders are concerned.
The Company also announces that the Club proposes to enter into an agreement to
acquire the Thames Club for a cash consideration of #4 million from Wheatsheaf
Park (Staines) Limited. This company is a subsidiary of SDG Caledonia which is a
company of which 60 per cent. of the issued ordinary share capital is owned by
the trustees of the White House IIP Trust and 10 per cent. of the issued
ordinary share capital is owned by John Burnley. The trustees of the White House
IIP Trust include Kevin McCabe and his wife, Sandra McCabe, and John Burnley and
the beneficiaries of such trust are members of Kevin McCabe's family. Because
the Vendor, is therefore a company connected with K C McCabe, the entry into the
Acquisition Agreement is subject to approval by an ordinary resolution of
Shareholders pursuant to section 320 of the Companies Act 1985 which is also to
be proposed at the Extraordinary General Meeting.
The Acquisition would constitute a related party transaction under the AIM
rules. The Directors, other than KC McCabe, are of the opinion, having consulted
with KBC Peel Hunt, that the terms of the Acquisition are fair and reasonable in
so far as Shareholders are concerned.
The net underwritten amount to be raised under the Open Offer of approximately
#8.55 million will be applied firstly to finance the cost of development of the
corner stand, and secondly to partially fund the Acquisition and the balance
would be used to part fund the additional player wages to enable the Club to be
better positioned to gain promotion to the Premier League and for working
capital purposes. Any amounts raised in excess of that underwritten net amount
will be used to fund other business projects including the proposed hotel
development at Bramall Lane and for working capital purposes.
2. Details of the Open Offer
The Open Offer is intended to raise up to approximately #10.7 million (#10.5
million net of expenses) by the issue of up to 71,242,565 new Ordinary Shares.
Qualifying Shareholders are being given the opportunity to subscribe for Offer
Shares under the Open Offer at a price of 15p per share, payable in full on
acceptance. The minimum, pro rata entitlement of Qualifying Shareholders under
the Open Offer is calculated on the following basis:
1 Offer Share for every 2 Existing Ordinary Shares
and so in proportion for any greater number of Ordinary Shares held on the
Record Date. Entitlements of Qualifying Shareholders will be rounded down to the
nearest whole number of Offer Shares. The fractional entitlements which would
otherwise have arisen will not be issued to Qualifying Shareholders but will be
aggregated for the purposes of the Underwriting Agreement or else ignored.
Qualifying Shareholders may apply for any number of Offer Shares, either less
than or in excess of their pro rata entitlement. However, in the case of
applications for Offer Shares in excess of the pro rata entitlement, the total
number of Offer Shares will not be increased in response to such excess
applications. Excess applications will therefore only be satisfied to the extent
that other Qualifying Shareholders do not apply for their pro rata entitlement
in full. Offer Shares will be allocated in response to excess applications in
the absolute discretion of the Company.
The Offer Shares will be issued free of all liens, charges and encumbrances and
will, when issued and fully paid, rank pari passu in all respects with the
Existing Ordinary Shares, including the right to receive all dividends and other
distributions declared, made or paid after the date of their issue.
It is expected that, subject to Admission, dealings in the Offer Shares will
commence on 6 March 2006.
The Open Offer is conditional, inter alia, on the passing of the Resolutions and
Admission becoming effective.
Under the terms of the Underwriting Agreement, the Underwriters have agreed to
subscribe for up to 58,333,332 of any Offer Shares which are not taken up by
Qualifying Shareholders under the Open Offer. The Underwriting covers
approximately 82 per cent. of the Offer Shares. The Underwriting Agreement
provides that any take-up of entitlements under the Open Offer by the
Underwriters or their connected persons in their capacity as Shareholders will
be taken into account in determining the number of Offer Shares, if any, which
the Underwriters are required to subscribe for pursuant to their Underwriting
commitments.
The Offer Price represents a discount of approximately 31 per cent. to the
closing middle market price of 21.75 pence per Ordinary Share on 7 February 2006
(the last practicable date prior to the date of publication of this document).
3. Background to and principal terms of the Acquisition
The Sheffield United academy opened in 2002. Part funded by a grant from the
Football Foundation, the academy has become the training base for the Club's
teams. The facilities are available and used by community groups and third
parties at commercial rates. The facilities available for hire include indoor
and outdoor pitches and a small function room. In September 2005, the "Impact"
health and fitness club opened at the site. The previous social club facility
was part converted and now houses a 45 station gym and juice bar together with
changing facilities and a lounge bar. This development forms part of the
strategy agreed by the Directors which is being implemented by the Group which
includes the development of business ventures that are not contingent on the
playing success of the Club's first team. The Directors believe that the
Acquisition will be the flagship of the Group's Impact health and fitness brand.
Based at the football ground in Staines which is located in a residential suburb
close to the centre of Staines, the Thames Club is a health and fitness club
with facilities that include an 85 station gymnasium, a 20 metre pool and sauna,
a 300 capacity function suite, a sports bar and other associated facilities. The
Thames Club was constructed at a cost of #4.8 million and was opened in March
2003. It is operated by Thames Club Limited and the freehold property is owned
by its parent company, Wheatsheaf Park (Staines) Limited. It currently has
approximately 2,160 members and employs more than 40 staff.
A summary of the latest unaudited management accounts for the nine month period
ended 30 November 2005 show the following:
9 months to
30 November 2005
#'000
Thames Club Limited turnover 1,024
Thames Club Limited loss on ordinary activities before taxation (48)
Thames Club Limited fixed assets 97
Thames Club Limited current assets 260
Wheatsheaf Park (Staines) Limited fixed assets 4,250
Included in loss on ordinary activities is the charge for a rental payment of
#0.131 million for the property which is being acquired by the Club as part of
the Acquisition.
Having undertaken financial, legal and property due diligence on the Acquisition
and completed a financial appraisal, the Directors believe it to be in the best
interests of the Company to proceed with the Acquisition which is subject to
shareholders approval.
The principal terms of the Acquisition are as follows:
* the Acquisition will comprise of the entire issued share capital of Thames
Club Limited together with the freehold property; and
* the consideration payable shall be a sum of #4,000,000 payable in cash on
completion of the Acquisition Agreement.
The Directors have agreed that #1,000,000 of the consideration for the
Acquisition shall be paid from the net underwritten amount raised through the
Open Offer and the remaining balance of #3,000,000 shall be provided by way of a
term loan which is to be provided by the Bank of Scotland and which would only
be drawn down following completion of the Open Offer and prior to the completion
of the Acquisition Agreement.
4. Reasons for the Open Offer and use of the proceeds
In September 2004, the Company raised approximately #5,284,000 through an open
offer which was underwritten by Scarborough. The net proceeds of the fundraising
were applied to reduce the short-term indebtedness of the Group and to fund
additional player wages to better position the Club to gain promotion to the
Premier League. Despite the additional investment in player wages, the Club
failed to achieve promotion in the 2004/2005 season.
After the close of the 2004/2005 season, the Directors received an offer of at
least #4,000,000 for one of the Club's players. Having assessed the strengths of
the Club in comparison with its competitors, the Directors rejected the offer
and decided instead to retain the existing squad as far as practicable and
invest in further team strengthening beyond that envisaged at the time of the
September 2004 capital raising, with the objective of achieving promotion to the
Premier League. This investment has taken the form of increased player wages and
the payment of transfer fees where necessary to acquire players to improve the
first team.
The Directors believe that the Hallam FM Kop, which has a capacity of 10,394
spectators, will need to be redeveloped in the coming years as the facilities
within the stand are not to the same standard as the rest of the stadium, the
overall capacity of which is 30,728. In particular, the concourse facilities are
limited and the sight lines from more than 6,000 of the seats have a pillar in
view. During any period of redevelopment, it is likely that the capacity of the
kop would be restricted.
The Directors decided that an infilling corner stand should be constructed which
would provide approximately 2,000 additional seats, give the stadium a more
finished appearance and increase the capacity to approximately 32,750 in advance
of the proposed development of the Hallam FM Kop. The planned stand is expected
to cost approximately #2,750,000.
The Company has applied for detailed planning consent for a 146 bedroom hotel
incorporating two restaurants, a bar and leisure facilities on land owned by the
Club which abuts Bramall Lane and the Club's Global Windows stand. If the
planning application is approved, construction of the hotel is planned to
commence in May 2006. The construction of the hotel would increase the
complexity and cost of building the corner stand and accordingly the Directors
decided that the corner stand should be completed before the hotel construction
commences.
In order to continue trading within its existing working capital facilities, the
Company has also entered into a new financing agreement with the Group's
bankers, Bank of Scotland, which has extended the borrowings available to the
Company by #2,500,000.
The Directors believe that in order to facilitate the continued investment in
strengthening the first team and the development of the stadium and in order to
fund the Acquisition and for working capital purposes, further capital is
required.
Accordingly, the Board has decided to raise additional capital though the Open
Offer in which all Qualifying Shareholders are entitled to participate. Kevin
McCabe (through Scarborough) and John Burnley (though his company Craftglen),
who are both Directors, together with Green Piling (a company in which David
Green, a director of the Club, has a significant interest), have agreed to
partially underwrite the issue of Ordinary Shares. Scarborough has agreed to
underwrite #8,350,000 of the amounts to be raised under the Open Offer and
Craftglen and Green Piling have each agreed to underwrite #200,000 of the
amounts to be raised under the Open Offer.
Due to their connected business interests, Kevin McCabe and John Burnley are
considered to be acting in concert for the purposes of the City Code. The
aggregate interests of Kevin McCabe and John Burnley and their connected persons
in the voting rights of the Company are currently approximately 48.3 per cent.
Should the Proposals be approved by the Shareholders at the Extraordinary
General Meeting, Mr McCabe and Mr Burnley and their connected persons will have
interests of up to 126,003,740 Ordinary Shares (assuming Scott McCabe and Simon
McCabe transfer to Scarborough Group Holdings 86,928 Ordinary Shares each, as
referred to in the explanatory prospectus to be sent to Shareholders) being
approximately 62.7 per cent. of the voting rights in the Company, depending on
the level of take up by Qualifying Shareholders of their entitlements under the
Open Offer.
Should the Proposals by approved by Shareholders at the Extraordinary General
Meeting, it is the Board's intention to apply the proceeds from the net
underwritten amount, firstly, as to #2,750,000 to finance the cost of
development of the corner stand of the stadium and secondly, as to #1,000,000 to
partially fund the cost of the Acquisition, and that the balance would be
applied to the costs of funding the additional investment in players' wages and
for working capital purposes. Any amounts raised in excess of the net
underwritten amount will be used to fund other business projects of the Company
including the proposed hotel development at Bramall Lane and for working capital
purposes.
If the Proposals are not approved by the Shareholders at the Extraordinary
General Meeting, the Club will be forced to put in place short term debt funding
(to the extent, if any, available) and ultimately to sell players to reduce
costs.
5. Current trading and prospects
In the Group's results reported for the year ended 30 June 2005, operating
losses before amortisation of cost of player registrations and cost of
terminating players' contracts were reduced at #300,000 (30 June 2004: #700,000)
and retained losses of #1,200,000 were also reduced compared to the previous
year of #1,600,000.
A strategic decision was taken in summer 2005 to invest additional sums in
players' wages enabling the Group to acquire players with Premier League
experience including David Unsworth, Craig Short and Neil Shipperley. In
addition, the first team squad has been strengthened with the acquisition on a
permanent basis of Danny Webber, Paul Ifill, Bruce Dyer and, for a Club record
fee of #1.5 million (together with a further #250,000 contingent upon future
events), Ade Akinbiyi. The services of key players including Phil Jagielka and
Paddy Kenny have been retained.
Since the results were announced, the Club has dropped to second place in the
Championship. However, second place would secure the second of two automatic
promotion positions and the Club is currently 11 points clear of the team which
is in third place. The Club's average crowd, a key factor to the financial
results of the Group, has increased since the preliminary announcement of the
Group's results to 22,831. During this period the Club has acquired two players
and may strengthen the team further without exceeding player and management wage
budgets if the opportunity arises. The Directors believe that the Club is still
well positioned to gain promotion to the Premier League in the 2005/2006 season.
The Group recently reported that its property joint venture, United Scarborough
Estates Group Limited, had sold two properties raising profits of #1.6 million;
the Group's share being #800,000, which will be reflected in the current
financial year's profit and loss account. Nonetheless, the Directors have
forecast that, in the absence of unforeseen circumstances, the Group will make
an operating loss (including the share of operating profit in the joint venture)
before taxation for the year ending 30 June 2006. The basis and assumptions
underlying the forecast, together with letters from Grant Thornton UK LLP (the
Company's auditors) and KBC Peel Hunt will be set out in the explanatory
prospectus to be sent to Shareholders.
The Group has commenced the construction of the corner stand, which is expected
to be completed by May 2006. The Company has also recently announced that it has
exchanged contracts to acquire the Chengdu Five Bulls Football Club in China as
part of the next stage of the Group's strategy to build a commercial business in
the People's Republic of China. The contract is conditional on a number of
points but the Company expects to complete the acquisition in February 2006.
6. Extraordinary General Meeting
An Extraordinary General Meeting, which is to be held at the Hfs Millennium
Suite, Bramall Lane, Sheffield S2 4SU at 11 a.m on 3 March 2006, is being
convened by a notice contained in an explanatory prospectus to Shareholders
which is expected to be dispatched today. At the Extraordinary General Meeting,
resolutions will be proposed to approve the Code Waiver, to give the necessary
authorities and powers to give effect to the Open Offer and to approve the entry
into of the Acquisition Agreement.
7. Expected timetable of principal events
Record date for the Open Offer close of business on 3 February 2006
Latest time for splitting Application Forms (to satisfy bona fide
market claims only) 3.00 p.m., 28 February 2006
Latest time for receipt of forms of proxy 11.00 a.m., 1 March 2006
Latest time for receipt of completed Application Forms and
payment in full 3.00 p.m., 2 March 2006
Extraordinary General Meeting 11.00 a.m., 3 March 2006
Admission to AIM effective and dealings commence
in Offer Shares 6 March 2006
Crediting of CREST accounts 6 March 2006
Expected date of completion of the Acquisition 6 March 2006
Expected date of despatch of share certificates for
Offer Shares 20 March 2006
8. Availability of Prospectus
Copies of the explanatory prospectus which is expected to be posted to
Shareholders today will be available to the public free of charge from the
registered office of the Company at Bramall Lane, Sheffield S2 4SU, during
normal office hours on any weekday (Saturdays, Sundays and public holidays
excepted) for one month after the date of this announcement.
9. Definitions
The following definitions apply throughout this document, unless the context
otherwise requires:
"Acquisition" the proposed acquisition by the Club of
the Thames Club from the Vendor pursuant
to the terms of the Acquisition Agreement
"Acquisition Agreement" the draft agreement proposed to be entered
into between the Vendor and the Club
relating to the Acquisition, further
details of which are set out in Part V of
the explanatory prospectus to be sent to
Shareholders
"Admission" the admission of the Offer Shares to
trading on AIM
"AIM" the Alternative Investment Market of the
London Stock Exchange
"AIM Rules" the rules for AIM companies as published
by the London Stock Exchange
"Approval" the approval of the Acquisition pursuant
to the Resolutions
"Bank of Scotland" The Governor and Company of the Bank of
Scotland, a subsidiary of HBOS plc
"Board" the board of directors of the Company
"City Code" The City Code on Takeovers and Mergers
published by the Panel
"Club" The Sheffield United Football Club Limited
"Code Waiver" the waiver, referred to in the letter from
the Independent Directors, which forms
Part I of the explanatory prospectus to be
sent to Shareholders, of Rule 9 of the
City Code in connection with the
Underwriting and/or the Open Offer
"Concert Party" K C McCabe, Scarborough, Scarborough Group
Holdings, JL Burnley,Craftglen and SDG
Caledonia Limited
"Craftglen" Craftglen Limited, a company wholly owned
by J L Burnley
"CREST" the system for trading shares in
uncertificated form
"Directors" the directors of the Company whose names
are set out in paragraph 6 (a) of Part VI
of the explanatory prospectus to be sent
to Shareholders
"Existing Ordinary Shares" the 142,485,131 existing issued Ordinary
Shares
"Extraordinary General Meeting" the extraordinary general meeting of the
Company to be held on 3 March 2006
"Green Piling" Green Piling Limited, a company in which
David Green, a director of the Club, has
a significant shareholding
"Group" the Company and its subsidiary
undertakings
"Independent Directors" the Directors other than K C McCabe, J L
Burnley and J Rockett
"Independent Shareholders" the Shareholders, other than members of
the Concert Party and the connected
persons of K C McCabe (details of which
are set out in the note (2) to paragraph
6(c) of Part VI of the explanatory
prospectus to be sent to Shareholders)
and Scott McCabe and Simon McCabe
"KBC Peel Hunt" KBC Peel Hunt Ltd
"London Stock Exchange" London Stock Exchange plc
"Offer Price" 15p per Offer Share
"Offer Shares" the up to 71,242,565 new Ordinary Shares
proposed to be issued pursuant to the
Open Offer
"Open Offer" the conditional invitation to Qualifying
Shareholders to subscribe for the Offer
Shares on the terms and subject to the
conditions set out in Part II of the
explanatory prospectus to be sent to
Shareholders
"Ordinary Shares" ordinary shares in the capital of the
Company which have a nominal value of
10p each
"Overseas Shareholders" holders of Existing Ordinary Shares with
registered addresses outside the United
Kingdom or who are citizens of,
incorporated in, registered in or
otherwise resident in, countries outside
the United Kingdom
"Panel" or "Takeover Panel" The Panel on Takeovers and Mergers
"Proposals" the Open Offer, the Code Waiver and the
Approval
"Qualifying Shareholders" holders of Ordinary Shares whose names
appear on the register of members of the
Company on the Record Date, other than
certain Overseas Shareholders referred to
in the paragraph headed
"Overseas Shareholders" in Part II of the
explanatory prospectus to be sent to
Shareholders
"Record Date" the close of business on 3 February 2006
"Resolutions" the resolutions to be proposed at the
Extraordinary General Meeting
"Scarborough" Scarborough Property Company plc, a
company indirectly controlled by K C
McCabe and his immediate family
"Scarborough Group Holdings" Scarborough Group Holdings plc, a company
indirectly controlled by K C McCabe and
his immediate family
"SDG Caledonia" SDG Caledonia Limited, a company
indirectly controlled by K C McCabe and
his immediate family
"Shareholders" holders of Ordinary Shares
"Sheffield United" or "the Company" Sheffield United plc
"Thames Club" the Thames health and fitness club
business currently being operated by
Thames Club Limited (a company which is
connected with K C McCabe and his
immediate family) together with the
freehold property from which the business
operates
"Underwriters" Scarborough, Craftglen and Green Piling
"Underwriting" the proposed underwriting of 58,333,332
of the Offer Shares by the Underwriters
on the terms of the Underwriting Agreement
"Underwriting Agreement" the conditional agreement dated 8 February
2006 between the Underwriters, the Company
and KBC Peel Hunt relating to the
Underwriting and other matters, further
details of which are set out in paragraph
15 of Part VI of the explanatory
prospectus to be sent to Shareholders
"Vendor" Wheatsheaf Park (Staines) Limited, a
company which is connected with K C McCabe
and his immediate family
For further information:
Sheffield United plc: 0870 787 1960
Kevin McCabe, chairman
Jason Rockett, chief executive officer
Mark Fenoughty, chief operating officer
Tavistock Communications: 020 7920 3150
Jeremy Carey / Richard Sunderland / Rachel Drysdale
This information is provided by RNS
The company news service from the London Stock Exchange
END
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