ActionLeisure has sold XM, its marine division for £7m in cash.
This will eat into the PLC's £24.5m. ActionLeisure's board want to reduce
gearing (as measured by net borrowings divided by the Group's net assets) from
220 per cent to less than 50 per cent, by 31 December 2001.
As a smaller outfit Actionleisure is to come off the ‘official list’ and, from June 21st, its shares will instead be traded on the Alternative Investment Market, which is less expensive than full stock market listing.
The PLC has also released its preliminary accounts for the year ended 31 December.
At Crabtree Sports and Leisure Limited, sales increased by 7 per cent over 1999.