Approve or else, says Clubhaus

12 April 2012

CLUBHAUS has threatened shareholders with insolvency if they do not approve its capital restructuring plan that will water down ordinary shareholders' interests to just 11% of the newly issued share capital.

Under the terms of the proposals, £45m of the principal amount due to bondholders, plus interest, will be paid by issuing 731.7m new shares, representing 80% of the enlarged share capital.

Clubhaus announced the terms of the restructuring at the same time as losses for the nine months ended 30 September of £102.3m following a writedown of the value of its golf clubs.

AIM-traded Clubhaus is expecting a revolt from shareholders led by entrepreneur Eddie Shah. The shares, worth 107 3/4p at their peak, were trading today at only 2 1/2p.

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