(DISL.L) Discover Leisure PLC Buy/Sell

RNS Number : 0764W Discover Leisure PLC 22 July 2009

FOR IMMEDIATE RELEASE

22 July 2009

DISCOVER LEISURE PLC

('Discover Leisure' or 'the Group')

(The specialist caravan and leisure industry retailer)

Approval of Company Voluntary Arrangement

On 15 June 2009 Signlease Limited ("the Company"), Discover Leisure's wholly owned trading subsidiary, announced that the unsecured creditors and shareholders of the Company approved the terms of a Company Voluntary Arrangement ("CVA") proposed by the directors of the Company.

As previously announced, implementation of the CVA Proposal was subject to the expiry of a 28 day period, during which a challenge could be made to the relevant courts under the applicable insolvency regime (the "CVA Challenge Period"). The CVA Challenge Period expired at midnight on 16 July 2009, without any such challenge being made. As a result, the CVA Proposal has become effective in accordance with its terms.

All banking facility documentation has now been fully agreed and signed and the facilities implemented.

For further information:

Discover Leisure plc 01430 803 385

David Morrow, Chairman Trevor Parker, Chief Executive Neil Harwood, Finance Director
Panmure Gordon (UK) Limited 020 7459 3600

Andrew Godber / Stuart Gledhill
Cubitt Consulting 020 7367 5100

Brian Coleman-Smith / Nicola Krafft

Background Note

Discover Leisure is a leading specialist caravan and leisure industry retailer which floated on AIM in May 2005. Following the restructuring of the Group's activities, it is focused on the retailing of caravans and motor homes in the North of England. It also sells a range of outdoor leisure products from its branches and over the internet.

The Group has 5 branches across the North of England located at: Birtley (Tyneside), Delamere (Cheshire), Chorley (Lancashire), Darlington (County Durham) and York (Yorkshire). Its head office is situated in East Yorkshire.

The board consists of David Morrow, Chairman; Trevor Parker, Chief Executive; and Neil Harwood, Finance Director. The Non Executive Directors are Ian Currie and Simon Dixon.

This information is provided by RNS The company news service from the London Stock Exchange

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