Global Edition

Clubhaus restructuring approved

3.00pm 9th May 2002 - Corporate

Clubhaus has announced that at the EGM held today in connection with the proposed capital restructuring as set out in the circular to shareholders dated 12 April 2002, the resolutions to approve the proposals were duly passed will a majority of over 99 per cent. of votes in favour.

The Company has also announced that, at yesterday’s Bondholder meeting to approve the scheme of arrangements, as set out in the circular, the resolutions to approve the proposals were passed unanimously. It is expected that the Court hearing to sanction the scheme of arrangements will be on 16 May 2002 and, if sanctioned, it will become effective on 17 May 2002. It is expected that the new ordinary shares to be issued pursuant to the capital restructuring will then be admitted to AIM on 20 May 2002.

In addition to the previously announced changes to the composition of the Board, the Company now announces that Rupert Horner has resigned as Finance Director of the Company with effect from the conclusion of today’s EGM. Rupert Horner joined the Company as Finance Director just over a year ago and he has played a key role in the restructuring of the Company. The Company has strong reporting controls and systems in place and is confident that the finance department will continue to function efficiently during the period of consolidation, which will inevitably follow the restructuring. It is the Company’s intention to find a replacement Finance Director in due course. The Company has issued a statement thanking Rupert Horner for all his hard work on behalf of the Company.

Clubhaus Plc

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