3 June 2016 – placing

Following the conclusion of its strategic review, the company has revealed that it has conditionally raised £16.75m in a placing of shares at 100p.  The proceeds will be used to reduce borrowings, modernise its estate including the refurbishment of its clubhouses and expand its US presence which at the moment consists of just one, but highly profitable site.  Recent appointments to the board include new CEO Mark Jones (ex MD of Grosvenor Casinos, part of Rank  Group) and non-executive director Michael Bolingbroke, currently CEO of top Italian football club Inter Milan.  These are clearly positive steps for the group and we retain our recommendation of BUY.