Antigua Enterprises Inc. has completed the $10.25 million sale to Ashley NA, LLC of Antigua’s common and preferred shares representing a controlling interest 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 $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 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 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.
