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post #1 of 3 (permalink) Old November 16th, 2004, 19:51 Thread Starter
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WBA to delist from AIM

Spending plans - from Reuters

Soccer-West Brom announce player clearout, plan to go private

LONDON, Nov 15 (Reuters) - West Bromwich Albion plan to sell
a quarter of their first-team squad to cut costs, chairman
Jeremy Peace said on Monday.
The Premier League club also announced it was planning to
de-list from the London Stock Exchange and revert to being a
private company.
Announcing financial results for the year ending June 2004,
Peace said squad cuts were necessary following the arrival of 10
new signings in the close season.
"With 31 players in the senior squad the club will now
endeavour to reduce this number by approximately 25 percent over
the coming months to a more manageable number," Peace said.
West Brom, who won promotion from division two last season,
announced a reduced turnover of 20.6 million pounds ($38.17
million) for the year to June, down from 28.4 million in the
previous 12 months when the club was in the Premier League.<QA1>
Operating profit excluding player transfer costs was down to
1.4 million pounds from 9.8 million.
West Brom appointed Bryan Robson as their manager last
Tuesday. They lie third from bottom of the Premier League.

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post #2 of 3 (permalink) Old November 16th, 2004, 19:51 Thread Starter
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West Bromwich Albion agrees 8.35 mln stg bid from private co WBA Holdings
LONDON (AFX) - Newly-formed private company West Bromwich Albion Holdings
Ltd has made an agreed 8.35 mln stg offer for West Bromwich Albion PLC, the
companies announced today.
The ordinary share offer is on the basis of a one-for-one share offer or a
cash alternative of 72.50 stg per ordinary share. WBA Holdings is also offering
one WBA Holdings Premier share, which gives the holder the right to a WBA
Holdings Premier Certificate which will entitle the holder to one Season Ticket
for each of the next two seasons, or a cash alternative of 72.50 stg and one WBA
Holdings Premier Certificate for each Premier Share held.
The Cash Alternative will value the entire issued share capital of WBA at
approximately 10.14 mln stg.
WBA Holdings has received irrevocable undertakings to accept the ordinary
offer from the directors of WBA, in respect of approximately 32.68 pct of WBA.
WBA Holdings has also received letters of intent to accept the ordinary
offer from other WBA shareholders, in respect of approximately a further 42.43
pct

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post #3 of 3 (permalink) Old November 16th, 2004, 19:52 Thread Starter
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From E&S

Albion going private as club makes a loss
By Andy Toft
Nov 16, 2004, 12:12

West Bromwich Albion is set to become a private company again after club
supremos decided to remove it from the stock exchange.

Current shareholders will have the chance to keep their shares or sell
them to the newly formed West Bromwich Albion Holdings Limited - set up
by the club. A single share is currently worth 72.50 - a figure which
values the club at 10.14 million. Chairman Jeremy Peace and his fellow
directors took the decision to remove Albion from its listing on the
Alternative Investment Market (AIM) after seeing very little trading in
the club's shares over the last 12 months.

The move will also see the Baggies make a major saving on the
administration costs they pay to be on the AIM.

Albion's finance director, Mark Jenkins, said: "It's a significant
administrative cost which is increasing year by year."

Law firm Cobbetts, which advised on the move, said the decision to
withdraw Albion from the AIM had been taken to allow the directors to
concentrate on helping the club progress, while not having to go through
the process of informing the stock exchange about their actions.

Albion's decision follows a growing trend among Premiership clubs to
take themselves out of public ownership. Chelsea and Bolton have also
taken similar steps.

Linda Crow of law firm Pinsents, which has also worked with Albion on
the switch, said it was the right thing to do in the current market.

"This is a sensible option as over the last few years market sentiment
towards the football sector in general has changed for the worse and
there is now a limited advantage for West Bromwich Albion in raising
further capital through its AIM listing," she said.

News of the move coincides with the publication of Albion's annual
report, which revealed the club had made a loss over the last 12 months
of 100,000.

Turnover in 2004 was 20.6 million compared to 28.4 million in 2003
when the club was in the Premiership for the first time.

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