Global Edition

Clubhaus progress report

9.05am 2nd April 2002 - Corporate

Statement issued this morning by Clubhaus plc:

Following the announcement by Clubhaus plc (“Clubhaus” or “the Company”) on 27 February 2002 concerning the proposed restructuring of the Company’s balance sheet and finances, the Company is pleased to announce that substantial progress has been made regarding the required documentation to implement such proposals. It expects now that the shareholder circular will be published on 10 April 2002, following the necessary court hearing to review the scheme document on 9 April 2002. The documentation relating to the bondholders and the proposed scheme of arrangement and that relating to the preference shareholder will also be published on the same date.

The announcement on 27 February envisaged at that time that the publication of the shareholder circular would be by the end of March along with the report and accounts for the 9 months to 30 September 2001. These accounts will now be posted to shareholders with the shareholder circular on 10 April 2002. The AIM Rules require companies on AIM to publish their accounts within 6 months of the period end. As the Company has changed its year end to 30 September (announced 21 November 2001) the latest date for publication of the accounts is 31 March 2002. Accordingly the Company’s shares will be suspended from the start of business on 2 April 2002 until publication of the accounts and circular.

It was also announced on 4 February 2002 that Paul Davidson would be joining the Board of Clubhaus. Mr Davidson, who holds approximately 8.8 per cent. of the issued share capital of Clubhaus, has decided not to take up his appointment at this time although he has agreed to vote in favour of all the resolutions to be proposed at the forthcoming EGM to implement the restructuring proposals.

Clubhaus plc www.clubhaus.com

In related news...