Approve or else, says Clubhaus

CLUBHAUS has threatened shareholders with insolvency if they do not approve its capital restructuring plan that will water down ordinary shareholders' interests to just 11% of the newly issued share capital.

Under the terms of the proposals, £45m of the principal amount due to bondholders, plus interest, will be paid by issuing 731.7m new shares, representing 80% of the enlarged share capital.

Clubhaus announced the terms of the restructuring at the same time as losses for the nine months ended 30 September of £102.3m following a writedown of the value of its golf clubs.

AIM-traded Clubhaus is expecting a revolt from shareholders led by entrepreneur Eddie Shah. The shares, worth 107 3/4p at their peak, were trading today at only 2 1/2p.