Antigua Sells Controlling Interest to Ashley NA, LLC.Business Editors PEORIA, Ariz.--(BUSINESS WIRE)--April 30, 2003 Antigua Enterprises Inc. (Pink Sheets:ANTGF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:ANE) announced today that it completed the US$10.25 million sale to Ashley NA, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control of Antigua's common and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. representing a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Antigua described in its news release of March 14, 2003 and approved by Antigua's shareholders last week at Antigua's annual and special general meeting. Antigua used the proceeds to retire approximately US$10.2 million of debt. Ashley is owned by Sports Soccer Limited, which owns the Sports Soccer and Lillywhites sporting goods store chains in the United Kingdom. In connection with the Ashley transaction, Antigua obtained from Donnay International S.A. a five-year, royalty-free, non-exclusive license for the Donnay brand on apparel, headwear head·wear n. A hat or other covering for the head. and bags in the United States, Canada and Puerto Rico. "We are looking forward to focusing on increasing shareholder value, which is what eliminating the subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". from Antigua's balance sheet allows management to do. We believe we will have many new opportunities to broaden our product lines and sell into more distribution channels and markets," stated Ronald McPherson, Antigua's chief executive officer. Antigua's board of directors previously unanimously approved the transaction with Ashley, and Antigua's shareholders approved the transaction last week at their annual meeting. At the same meeting, Antigua's shareholders also elected five new directors to Antigua's Board in addition to former director and new Chairman Douglas Coape-Arnold: Ronald McPherson, Kim Bauer, Robert Mellors, Michael Ashley and David Forsey. Bauer is the principal of Antigua's Canadian distributor, Ashley is the principal of Sports Soccer Limited, and Mellors and Forsey are officers of Sports Soccer Limited. Antigua's board has named McPherson its chief executive officer and Gerald K. Whitley its chief financial officer. All other senior management personnel have also remained with Antigua through the Ashley acquisition. "Ronald McPherson" Ronald McPherson Chief Executive Officer The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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