ENI Edin. New It

RNS No 7473b
ENGLISH NATIONAL INVESTMENT COMPANY PLC
1st July 1997

       English National Investment Company plc ("ENIC")
 Acquisition of interest in Vicenza Calcio S.p.A. ("Vicenza")
                               
ENIC  announces that it has reached agreement in principle  to
acquire  an  interest in the Italian football  club,  Vicenza,
from  Stellican  Limited. Completion, which is conditional  on
finalising  documentation  and  on  regulatory  approvals,  is
expected to take place before the end of July 1997.

Vicenza  is  an Italian football club based in northern  Italy
which  this  year  won the Coppa Italia,  the  most  important
Italian cup competition, and finished eighth in Serie  A,  the
Italian  equivalent of the UK's Premiership.   Vicenza  has  a
strong  management team and is forecast by its  management  to
achieve sales in excess of ITL 34 billion (#12.0 million)  and
be  profitable for the year to 30th June 1997 and to have  net
assets (incorporating a net cash position) as at that date  of
approximately ITL 8 billion (#2.8 million).

Under  the terms of the agreement, ENIC will acquire 29.9  per
cent.  of  Otto S.r.l., which owns 99.9 per cent. of  Vicenza,
for  a cash consideration of #2.4 million.  In addition,  ENIC
will  become party to certain option arrangements between  the
shareholders  in  Otto  whereby, on  full  exercise  of  these
options, it would acquire a further 32.1 per cent. of Otto  at
the  same  initial investment cost per share,  increasing  its
stake  in  Otto  to 62.0 per cent. and taking  its  total  net
investment  to  approximately  #5.0  million.   These   option
arrangements  will  be exercisable at any time.   Otto's  only
material  asset is its shares of Vicenza.  It has no  material
liabilities.

ENIC's  co-investors  in Otto include  Estimator  Limited,  an
affiliate of Stellican, CSI Limited and Pangolin International
Limited.   Stellican  is  a  private  investment  firm   which
specialises  in  taking  stakes in special  situations  across
Europe  and in particular Italy where it has completed several
transactions.    It  was  founded  by  its  current   managing
director,  Mr  Stephen  Julius,  who  owns  Estimator.   CSI's
activities comprise the negotiation, packaging, production and
marketing  of  a  range of international sport for  television
with  particular  emphasis on soccer.   It  is  the  exclusive
distributor  of television rights for the English  FA  Premier
League  and the Football Association outside the UK.  Pangolin
International is a private investment company representing the
interests of Mr Robert Hersov.  Mr Hersov is managing director
of Telepiu, Italy's leading pay television company, and a main
board   director   of  Mediaset,  Italy's  largest   non-state
television broadcaster.  He has extensive relationships in the
international media community.  It is intended that Mr  Hersov
should join the board of ENIC as a non-executive director.

As  part  of  the arrangements relating to its investment,  on
27th  June  1997 ENIC placed a total of 497,000 new shares  in
ENIC  with certain of the co-investors at a price of 233 pence
per share raising approximately #1.15 million.

Enquiries

ENIC                       Howard Stanton            0171 935 5497

Deutsche Morgan Grenfell   Mark Preston              0171 545 8000
                           David Clasen

Financial Dynamics         John Bick                 0171 831 7961


END

Edin. New It (LSE:ENI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Edin. New It (LSE:ENI)
Historical Stock Chart
From Jul 2023 to Jul 2024