ARBA Preliminary Report

PROPOSALS FOR A Chapter: Error! No text of specified style in document.
UK BASKETBALL ACADEMY - PRELIMINARY REPORT

Dated: November 2019
Client: ARBA Tech - Prepared By: Pynnacle Limited

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November 1, 2019 ...Expressing Hope, Opportunities, Life and Glory through Sport
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PROPOSALS FOR A
UK BASKETBALL
ACADEMY - 2020

Preliminary Report – November 2019

Prepared for Client: ARBA101
Prepared by: Wilfred Osula – Pynnacle Limited

© Pynnacle Limited (04/11/2019)

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PROPOSALS FOR A

UK BASKETBALL ACADEMY

PRELIMINARY REPORT - November 2020

Prepared For Client: ARBA 101

November 1, 2019 Dated: 4th November 2019
Prepared By: Wilfred Osula - Pynnacle Limited

© Pynnacle Limited (04/11/2019)

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Contents

Page Nos

INTRODUCTION .......................................................................................................................................................................6
Definitions ...............................................................................................................................................................................6
Structure of UK Basketball ......................................................................................................................................................7
Basketball funding data...........................................................................................................................................................9

Basketball Governing Body Funding 2017-2021 .................................................................................................................9
UK Sport Funding for Basketball .......................................................................................................................................10
Figure 3 - EuroBasket 2017 Group D.................................................................................................................................10
BUSINESS OPTION PROPOSALS FOR CONSIDERATION..........................................................................................................12
Option 1 – Establishing ARBA Academy............................................................................................................................12
SWOT ANALYSIS ....................................................................................................................................................................13
ARBA TECH – SWOT ANALYSIS OCTOBER 2019 (Contnd pg 1 of 2) ..................................................................................14
ARBA TECH – SWOT ANALYSIS OCTOBER 2019 (Contnd pg 2 of 2) ..................................................................................15
Financial Summary ................................................................................................................................................................15
The ARBA Academy Objectives .............................................................................................................................................15
Training of Basketball Coaches and Assistant Coaches ....................................................................................................16
Management Team ...............................................................................................................................................................22
1. Chief Coach (The promoter).....................................................................................................................................22
2. Assistant Coach 1 .....................................................................................................................................................23
3. Assistant Coach 2 .....................................................................................................................................................23
4. Admin Staff 1............................................................................................................................................................23
5. Admin Staff 2............................................................................................................................................................23
Business Viability of ARBA Tech ............................................................................................................................................24
Option 2 – Full-Time Employment at National Level ........................................................................................................25
Basketball Coaching Salaries .................................................................................................................................................26
USA NBA Basketball Coach Salaries ..................................................................................................................................26
USA Basketball Aassistant Coach Salaries.........................................................................................................................26
The Highest Paid Euroleague Coaches..............................................................................................................................26
Option 3 – European Basketball Pundit/Commentator for a Network Media Outlet ......................................................28
CONCLUSION ......................................................................................................................................................................... 29
NOTES AND REFERENCES ......................................................................................................................................................30
APPENDICES.................................................................................................................................. Error! Bookmark not defined.
FINANCIAL SUMMARY .................................................................................................................. Error! Bookmark not defined.
Appendix – I - Projected Income Revenue Streams ......................................................................................................33
Appendix – II - Projected Cash Flow, Overheads and Operating Costs .........................................................................35

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INTRODUCTION
The purpose of this Preliminary Report is intended to present the Client, ARBA-Tec, with an
updated summary to date regarding your proposals to establish a Basketball Academy here in
the UK and where necessary, to identify other alternative proposals for your consideration.

This report is intended to provide you with sufficient information to enable further discussions
to take place which hopefully will enable you to make an informed decision.

Definitions

In the UK, ‘Academies’ generally refer to the educational schools system where they are
independent schools funded directly by the UK government. The difference between them and
State schools, however, is that they can set their own term times and not adhere to the
national curriculum.

However, academies can also be defined as:

“A place of study or training in a special field,”

such as a police academy or sports academy where a talent development programme is
designed to help you be the best athlete you can be in your chosen sport and it is this latter
loose definition of ‘Sports Academy’ that this report will focus on.

It has become quite common here in the UK to establish academic institutions as ‘Academies’
where a particular ‘sport’ can be offered as a key subject.

The number of academies here in the UK as at January 2018, 7,472 of the 21,538 state-
funded schools in England (35% of all state-funded schools) were academies. Core academic
subjects such as Maths, English, history, geography, and the science and arts subjects such

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as biology, and chemistry are taught to students attending these academies in addition to
offering a specific sport to students.

Structure of UK Basketball

Basketball England is the national governing body for basketball in England. The International
Basketball Federation (FIBA) is the international governing body. The British Basketball
Federation (BBF) is responsible for British teams playing in FIBA competitions.

Without a doubt, it is the general consensus that Sport in general and more particularly
Basketball has a positive effect on the community.

In July 2014, a UK Government All Party Parliamentary Group (APPG) published a report on
“the ability of basketball to make a difference to the social challenges affecting young people,
particularly in the UK’s inner cities”.

Conclusions arrived at include:

1.01 The evidence received described the extraordinary impact that basketball is having in
many of the UK’s most-deprived communities; not just, or even primarily, related to the
development of sporting talent, or just increasing sports participation, but mainly in
improving life outcomes by addressing some of the social challenges faced by
disadvantaged young people in the UK.

1.02 It is evident that basketball is indeed unique amongst sports in this, and that
basketball-related programmes can have a particularly positive impact on educational
outcomes.

November 1, 2019 1.03 Thus, in the context of fiscal constraint in the public sector, and a heightened focus on
‘bang for your buck’ in all sectors, including private sector companies’ Corporate Social
Responsibility [“CSR”] strategies, there is no more efficient sporting vehicle than

basketball to improve outcomes for individuals and communities - if resources are

deployed wisely.

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1.04 It is also evident that the lack of facilities under the control of basketball is significantly
impacting the sustainability of clubs and community projects, and inhibiting the growth
of the game at grass-roots and elite level.

1.05 It is noted that all this basketball activity is going on while there has been and remains a
sustained underfunding of the NGB (England Basketball) compared with other high
participation team sports, and with the background of the Great Britain teams having all
funding from UK Sports terminated in March 2014.

The report explained, among other things, why basketball was unique to the challenges of
inner city communities:

1.06 3.2.2 There are local, cultural, national and global characteristics of basketball which,
when combined, convincingly show the sport as efficient and effective in addressing
well known challenges of inner cities.

One of the conclusions arrived at (amongst others) was that there is no single or small group
of characteristics of basketball that drives an obvious ‘special’ status to the sport, but rather,
there are a number of particular factors which, when taken together, are unique.

These include the facts that basketball:

i. is very physical and athletic, while essentially non-contact;
ii. appeals to and is played by both sexes;
iii. has huge street credibility, globally;
iv. is perceived as being ‘cool’;
v. has a strong affinity to music and lifestyle;
vi. can be played with very little in terms of equipment, space or money;
vii. is a team game, but one which can be played and skills honed as an individual;
viii. has a global community with many routes to achieve success locally, nationally, in

European clubs, in US colleges, and for the very few, in the NBA;
ix. lays claim to almost all of the top players being from deprived communities;

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x. requires a route to success almost exclusively through further education, because of the

unique role of US colleges in global talent development, and the increasing role of UK
universities, which are recognising basketball as a way of enticing overseas students;
xi. features global superstars who are primarily Black and Minority Ethnicity (BME); and
xii. boasts professional players who are exceptional proponents of the value of education,
aspiration and sport as a route to success, unlike any other relevant sport.
Basketball funding data
The table below shows Sport England’s funding for basketball in the lates funding cycle for
2017-2021. This covers funding allocated between December 2016 and September 2017.
£7.9 million was allocated to Basketball England in this period. This includes £1 million for the
Basketball (GB) national team.
Basketball Governing Body Funding 2017-2021

Figure 1 - Source: Sport England, funding decisions December 2016 – September 2017.

Despite the findings of the report as identified above, there has been and remains a sustained
underfunding of the National Governing Body (NGB) (England Basketball) and with the
background of the Great Britain teams having all funding from UK Sports terminated in March
2014. Similarly, funding for the national Olympic and Wheelchair Basketball teams has varied
dating back to the 2000 Sydney Olympics as shown in the table below:

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UK Sport Funding for Basketball

Figure 2 - Source: UK Sport, Historic Funding Figures

The net effect of the above under-funding at national level has seen this percolate down to a
local level impacting negatively for youths wanting to participate actively in the game of
basketball.
British teams have rarely made an impact on the international scene, only featuring in two
Olympic games, both of which were hosted in London (1948 and 2012). The team at the 1948
tournament only won one game (vs. Ireland) and at the 2012 tournament only won one game
(vs. China). At their last international game at EuroBasket 2017 hosted by
Turkey; Finland; Israel and Romania, Great Britain were drawn in the "group of death" with
Belgium, Latvia, Russia, Serbia, and tournament hosts, Turkey. Despite some close
performances, GB lost all 5 matches to finish bottom of EuroBasket 2017 Group ‘D’.

Figure 3 - EuroBasket 2017 Group D
Source: EuroBasket
The FIBA world ranking at 41 (see table below) of the UK National Basketball team reflects the
current poor state of the sport which some would say justifies the withdrawal of funding from
UK Sports in 2014.

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FIBA WORLD RANKING PRESENTED BY NIKE
Men’s Ranking after the FIBA Basketball World Cup 2019

Source https://www.fiba.basketball/rankingmen
The above background of UK Basketball forms the backdrop for our following proposals.

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The primary objectives of ARBA as briefed on the 12th October 2019, were:

i. To establish a viable and profitable basketball academy here in the UK; and
ii. To encourage and increase youths participation in basketball from some of the UK’s

most-deprived communities; and by so doing improving life outcomes by addressing
some of the social challenges faced by disadvantaged young people in the UK.
iii. Over time, to restore the damaged reputation of the promoter thus restoring the
credibility commensurate with the

BUSINESS OPTION PROPOSALS FOR CONSIDERATION

The following options are being presented for your consideration.:

Option 1 – Establishing ARBA Academy

A preliminary assessment of the viability of establishing ARBA Acadeny as a profitable venture
presents the following findings below.

The original proposals for an ARBA Academy that is profit-making while catering for deprived
youths from the inner cities, presents a very laudable objective and concept. However, to
juxtapose what would effectively be a social welfare programme for youths mainly of Black and
Minority Ethnicity (BME) alongside a profit-making business venture right from the outset could
be self-defeating particularly at start-up phase as this would exert extreme pressure on limited
human as well as financial resources. The care and attention required by some of these
youths would require specially trained and qualified social welfare personnel who would be
required to satisfy Basic Disclosure (DBS) Checks, normally carried out by the police though
this can now be carried out online.

In the absence of any disposable income or grants, the hourly charges of the basketball
training programmes for the youths would have to be heavily subsidised or offset from
operating profits of the business.

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However, a ‘re-modelling’ of the original business model would be to recommend the
establishment of two separate entities:

i) Profit-Making: This would be a profit-making business that is sufficiently
capitalised with a properly constituted organisational structure and suitably equipped
with both qualified human capital, technical infrastructure ( i.e. licensed tech
courses, internationally recognizable professional certificates and a properly
constituted management team.

ii) Non-Profit Making: The second organisation would be established as a non-profit-
making, entity that would be largely dependent on the benevolence of charitable
individuals and available grants (national and regional). This would cater specifically
for the BME youths from the BMEs (Black and Minority Ethnicity)

These two entities would not necessarily ‘start-up’ together in parallel but split into two phases,
one and two with phase one based purely as a profit-making venture through offering technical
basketball coaching services, merchandising for commercial profits.

Phase two would see the establishment of the non-profit organisation preferably after the first
entity has gone through the BEP (Break-Even Point) of the business and has reached a level
of success and profitability to justify the ‘diversion’.

SWOT ANALYSIS

As a further assessment of ARBA as a viable venture, a SWOT (Strengths, Weaknesses,
Opportunities, and Threats) analysis has been carried out. This is a high-level strategic
planning model that helps organizations (start-ups or on-going concerns) analyse the inner
environment which determines the organisations strengths and weaknesses while the analysis
of the external environment determines the opportunities and threats. It helps to identify where
they’re likely to do well and where they can improve, both from an internal and external
perspective. ‘SWOT’ is an acronym for “Strengths, Weaknesses, Opportunities, and Threats.”

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A preliminary SWOT analysis conducted for ARBA as a prospective profit-making enterprise
has been carried out with the following results:

ARBA TECH – SWOT ANALYSIS OCTOBER 2019 (Contnd pg 1 of 2)

Strengths: Weaknesses:

potentially positive internal factors potentially negative internal factors

1P.romoter/Coach is an experienced Previous Damaged Reputation of Promoter
basketball player with 10-years experience based on False accusations. Subsequently

in the NBA League, USA cleared of all charges in the United States

After retirement from playing top sports, has Due to damaged reputation, wide negative

coached and trained junior players at club media publicity is readily available online for

and college level in USA and briefly in the UK potential applicants and, sponsors and
financial institutions that could adversely affect
the short-to-medium launch and take-off of

Academy

Strong positioning of the NBA brand to be Promoter is a USA citizen with no work permit
introduced here in the UK at Academy or local ties to the UK thus a flight risk back
home if situation becomes too stressful

Technology oriented, introducing new Lack of available capital to successfully launch

procedures through technological academy short-term with risk of entry into
advancements. market by other competitors.

Best of NBA games video tapes available for Promoter has little knowledge of the UK
coaching basketball industry and has to rely on the locals

for direction.

Academy will build a dedicated team to play Geographic knowledge of UK and the transport

competitive basketball at local and national system very limited
level

Superior quality of products will be reflected Availability of assistant coach for basketball at
in premium pricing at a later stage of launch. top-level absent.

Will recruit locally and train assistant Lack of UK marketing experience
coaches to attain top-level coaching skills

Availability of excellent Basketball courts Video crew to film matches not available for
and sports facilities at local level with ample away competitive games

and flexible capacity for training throughout
the week

Video recording facility available for all Lack of available funding at national and local
basketball games and training sessions for level to encourage participants into the game

playback review of basketball.

Technical, scheduled and systematic No coherent or co-ordinated policy at national

timetables and programmes available for level to create awareness, and only limited
coaching classes. awareness at local level despite the increasing

interest being shown in the game regionally.

November 1, 2019 Network access to NBA USA of both veterans Funding for National baseball team withdrawn
and current players and management teams and redistributed to other top-flight Olympic
games after the poor performance of Olympic

basketball team in last 2012 Olympics.

Promoter and first coach currently Lack of funds at national level appears to have
processing legal applications for UK percolated down to regional governments not
residency to run UK academy full-time providing the much needed funding required

which has contributed to youth crime activities

in socially deprived areas in UK inner cities.

Access to top quality, NBA merchandising

and sponsorships

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ARBA TECH – SWOT ANALYSIS OCTOBER 2019 (Contnd pg 2 of 2)

Opportunities: Threats:

potentially positive external factors potentially negative external factors

UK - led developing market with a lot of A new competitor, quickly gaining
potential. Due to heightened and recognition in the market.
increasing interest in UK Basketball
since the 2012 Olympics, many
opportunities are becoming available
for engagement with the sport.

Several UK academic academies have Competitive pricing of basketball courts
basketball as part of their integral hire could affect ability of ARBA to
syllabus and programme which could charge premium rates for top-flight NBA

encourage competitive sport locally trained coach at the highest level.
and nationally.

Expansion opportunities in other Changes in government regulations
markets based on geographical could affect sport medium-to-long-term.
regions.

Competitors have come up with a new
and improved distribution strategy.
No ‘free agent’ system to get the best
assistant coaching talent in the market

Interest in basketball, the second highest
team-sport in the UK, is dwarfed by
football (Soccer), here in the UK.

November 1, 2019 Financial Summary

Original discussions on projected income streams for ARBA were based on a business model that
aimed to provide professional basketball coaching for BME youths from the deprived inner cities at
subsidised rates as well as individuals paying full rates and our findings while conducting research work
of the basketball industry here in the UK and Europe, we have adjusted the original business model to
a purely profit-making business.

In the Appendix Section at the end of this report, we have included Projected Financial Tables to
summarise Projected Sales, Revenue, Overheads and Cash-Flow which we feel are realistic and
achieveable in the first full-year of the business starting up.

Sales Revenue

The income streams identified will consist primarily of professional basketball training to professional bodies
and individuals, as well as the corporate market.

The ARBA Academy Objectives

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Given the above ‘overview’ of the UK academies, however, the primary focus and objective of
ARBA as an academy, however, is to specialise and concentrate on delivering proven,
progressive and structured Basketball courses here in the UK which have been designed to
improve players and participants skills to a very high standard.

Focussing initially on participants who want to be first-class basketball coaches, ARBA’s star
coach who is a former NBA basketball player with over ten years of playing experience, will
work with a team of experienced high quality coaches, teaching the skills they have perfected
in their career to coaching students, thus adding a layer of inspiration and an insight into
performing and delivering at the highest level.

It is expected that this strategy primarily will generate a supply of professionally trained
basketball coaches who can be deployed into schools and academies offering basketball in
their curriculum, a strategy that will help to improve the current shortage of qualified basketball
coaches in the UK, create employment opportunities and raise the overall level of interest in
UK basketball.

In addition to the ‘coaching strategy’, ARBA will target the corporate sector to train interested
executives to a very high level in an effort to produce competitive, basketball teams in-house
with the objective of producing a ‘corporate basketball league’ here in the UK.

it is hoped that this high-level strategy will, attract the supply of corporate sponsorships to the
game of basketball where there has been and remains a sustained underfunding of the
National Governing Body (NGB) (England Basketball) and with the background of the Great
Britain teams having all funding from UK Sports terminated in March 2014.

Training of Basketball Coaches and Assistant Coaches

It is proposed here that the Academy will initially focus it’s services on supplying technical and
highly qualified basketball coaching ‘graduates’ and thereby increase the supply of Coaches to
the UK (and European) Leagues.

To achieve this, ARBA will have to receive accreditation from Basketball England and by
definition, adopt their requisite Coaching standards and grade of Basketball England who can
assist ARBA with the necessary information:1

1 See: Organise a Course – Source: <https://www.basketballengland.co.uk/get-involved/organising-a-course/ >

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“If you want to organise a course and provide an opportunity for new coaches and
officials to learn, we can help. We will give you all the resources and paperwork - all you
need to do is sort yourself a venue, suitable tutor and fill your course with eager
candidates!”

The following table shows the different levels of Coaching Courses available and their likely
costs as recommended by Basketball England:

Table 1 UK Basketball Coaching Courses Chart – Organise a Course

No Course Hours Min no. of Max no. of Candidate Recommended
Fee Tutor Fee
Candidates Candidates
£15 (plus travel @
1 Basketball Activators Award 6 10 20 £25 35p per mile)
2 Level 1 Coach 16 10 16 £35
3 Level 2 Coach 24 10 15 £10 £90
4 Level 1 Referee 4 12 20 £50 £240
5 Level 2 Referee 16 12 20 £85 £480
6 Level 3 Referee 16 6 12 £5 £60
7 Level 1 Table Official 2 6 15 £15 £240
8 Level 2 Table Official 4 6 15 £25 £240
9 Level 3 Table Official 6 6 15 £15 £30
10 Young Official (L1 Ref & TO) 6 6 12 £60
£90
£90

UKCC Level 1 in Coaching 16 + Home (additional numbers £67.50 + Tutor £250.00
Basketball. Awarded by may enroll but will VAT Assessor
1st4SportQualifications require an extra tutor £50.00
on the course) Tutor £500.00
Study 10
Assessor
UKCC Level 2 in Coaching 24 + Home 12 (additional £120.00
Basketball. Awarded by numbers may enrol but
1st4SportQualifications will require an extra £85.00 +
tutor on the course) VAT
Study 10

Source: Basketball England : <https://www.basketballengland.co.uk/get-involved/organising-a-course/

November 1, 2019 In addition to the above, Basketball England stated the following:
“All courses should be registered with Basketball England; except for UKCC Level 1 and Level 2
which are awarded through 1st4SportQualifications 0113 290 7610

Resource orders must be given 2 weeks before the course date. Candidate lists should be
returned to Basketball England on completion of the course to ensure all candidates receive
their certificates.

Basketball England recommended tutor fee is exclusive of any travel expenses incurred.”2

2 Source: https://www.basketballengland.co.uk/get-involved/organising-a-course/

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There are 4-Levels of Basketball Coaching Courses from beginner Classes (Level 1) to national and
international qualifications. Summarised briefly, they are

Table 2 - Coaching Pathway- Basketball England

Course Levels Duration (Days) Pre requisites: Minimum Cost
age:

Level 1 2 Actively involved in 16 years £100

basketball, either player,

parent, teacher etc

Level 2 4 1 coach or actively 18 years £250

involved in basketball,

either player, parent,

teacher etc

Level 3 5 Level 2 coaching 18 years £500 - £750
qualification and
This is for coaches Course delivery, along coaching a team in
who are going to with 3-6 months home national leagues for 2-3
lead coaching
programmes in study seasons.
clubs and means Assessment: completed
you’ll be able to
coach players of all portfolio along with a
levels. minimum of 4 training
This 5-day course
gives you the skills and game
to plan, analyse assessments.
and revise annual
coaching
programmes and
implement them
into your club
programme.
This qualification is
required for
coaching in the
talent pathway.

Level 4 Level 3 coaching outcomes of long-term, 18 years £: Variable
qualification and high level coaching
For national and coaching a team in programmes.
international team national leagues for
coaches. Enables Pre requisites: Level 3
you to design, 2-3 seasons. coaching qualification
implement and and coaching a team in
November 1, 2019 evaluate the national leagues for 2-3
processes and
outcomes of long- seasons.
term, high level
coaching
programmes.

Coaching Pathway Source: < https://www.basketballengland.co.uk/get-involved/coach/coaching-pathway/>

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Summary of start-up capital costs, recurrent and operating costs

Financial plan

It is expected that the project will be implemented over several phases with Phase 1 covering
Year 1, the start-up phase.

Start-up capital costs for the ARBA Tech project - estimated to be between £30,000 and
£50,000 -will be met by direct cash injection by the Promoter in addition to Share Issue issue,
crowd-funding, various fund-raising activities and possible soft loan finance from family and
friends identified for this proposal.

The proposed phased development of ARBA Tech to meet the ambitious objectives of the
Academy will involve a relatively sizeable capital investment. The financial forecasts offered in
this report represent forecasts based on best evidence and that projected activities from year
two are dependent on the successful start-up of Phase 1 in year one 1.

Phase 1 Hire Facilities Required £20,000

Community Basketball /Gym Hire – Totalling 600 sq.m (6460 sq.ft. approx.)
comprising of :available indoor courts; Changing Rooms (incl. lockers & shower);
Gym facility equipped with cardio and strength equipment to meet broad range of
needs; and single room admin office

L W sq ft sq m

FACILITIES metres metres 0.0929

Courts 94 50 4700 437

Changing rooms 20 30 600 56

Admin/Office 15 20 300 28

Gym facility 43 20 860 80

Totals 6460 600

November 1, 2019 Overhead costs in the first year (2020) are estimated at £162,469 and expected to rise for each
subsequent year with investment in staff, equipment and facilities, team development and most
significantly from 2021 with loan repayments.

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3.1 Sales / Revenue Analysis

In Year 1 of the Academy starting-up, the services to be offered are top quality, first-class technical
coaching courses as prescribed by Basketball England, primarily to those individuals and/or
organisations wishing to achieve professionally qualified certificates to enable them pursue a
professional basketball coaching career and by implication, increase the supply of professional
basketball coaches onto the market. These will eventually be deployed around the UK where, it is
hoped, they will take on different coaching jobs in schools, academies, local basketball/sports clubs
within communities. It is expected that with the particular experience of the promoter as a former NBA
player, that ARBA will offer, as its USP (unique selling point), Basketball Coaching Courses, marginally
over and beyond the required ‘standard’ of Basketball England to attract more applicants to register.

Basketball England have four specified structured Course-Levels which are required to be taught over
a period ranging from 2 to 5 days, right through to an unlimited period for Level 4 (please see Table 2 -
Coaching Pathway- Basketball England, pg. 18 above). However, it is proposed that during the first
year of operations, only Course Level’s 1 to 3 are offered with Course Level 4, (a more intensified
programme requiring periods of actual practical coaching in an institution), is deferred perhaps to the
second year of ARBA’s operations.

The sales revenue analysis is based on the proposed utilisation of the hired facilities being sold on an
hourly basis, initially for professional coaching tuition in Ye hours per dayar 1. We have thus converted
the ‘days period’ for each course level equal to 8 hours. See following Examples:

EXAMPLE - 1
UKCC Course Level 1 – Basketball Coaching

- Course recommends minimum of 10 students per class at a cost of £100 per person = £1,000
- Total duration is 16 hrs (2 days x 8hrs)
- Course delivered over 2 weeks @ 8 hrs per week) n.b. each class to run for 2hrs
- Revenue = £6.25 per person (£100 ÷ 16 hrs)
- Total 2 wks Revenue = £1,000 – equivalent to £62.50 per hour
- Estimated maximum courses that can be completed per annum at this level = 16

EXAMPLE - 2
UKCC Course Level 2 – Basketball Coaching

- Course recommends minimum of 10 students per class at a cost of £500 per person = £5,000
- Total duration is 32 hrs (4 days x 8hrs)
- Course delivered over 4 weeks @ 8 hrs per week) n.b. each class to run for 2hrs

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- Revenue = £15.62 per person (£5000 ÷ 32 hrs)
- Total Revenue over 4 wks = £5,000 – equivalent to £156.25 per hour
- Estimated maximum courses that can be completed per annum at this level = 7

EXAMPLE - 3
UKCC Course Level 3 – Basketball Coaching

- Course recommends minimum of 10 students per class at a cost of £500per person = £5,000
- Total duration is 40 hrs (5 days x 8hrs)
- Course delivered over 5 weeks @ 8 hrs per week) n.b. each class to run for 2hrs
- Revenue = £12.50 per person (£500÷ 40 hrs)
- Total Revenue over 4 wks = £5,000 – equivalent to £125.00 per hour
- Estimated maximum courses that can be completed per annum at this level = 6

CORPORATE
It is proposed to offer the equivalent of Course Levels 1 and 2 only to this group until the fitness levels
of the executives can be established. Revenue calculations would be similar to Examples 1 & 2 above,
but the pricing structure for each group would, however, be higher at £200 and £750 per person in
groups of 20 per class spread over a course duration of 4 wks total.

and with the introduction of other services in subsequent years inclusive of Personal Training
(Groups/corporate - Teams of 10), Membership, Hosting local, national and international Team
Tournaments, Merchandising (Printed kits, balls, hats, etc), Media rights/Punditry (sports
commentator) over the next three years of the Project’s start-up.

Estimated Sales Revenue
Estimated sales revenue for the first year of operations is £197,824 with just over 70% (£107,950)
generated from the Coaching courses, 15.73% (£31,122) from corporate sector and 29.70% (£58,752)
generated from membership, merchandising and other products and services referred to earlier.

Estimated Overheads/Administrative Costs
Estimated total running costs for the first year of operations is £186,961 of which 73.86% (£138,092)
will be spent on office premises and Court hire rentals during this period. 26.14% (£48,869) will be
spent on other overheads such as office equipment, telephones, computers, sales and marketing and
employer’s liability insurance.

It is expected that there will be significant growth of the business in Years 2 & 3 as the business
gathers traction.

Page 21 of 36

Management Team

1. Chief Coach (The promoter)

The promoter is a US citizen with an illustrious Basketball playing career spanning a total
period of 13 years in the top NBA League of the USA.

In 1984 he was the seventh pick of the San Antonio Spurs selection NBA draft out of Crowder
Junior College and the University of Arkansas and in the same year was selected to represent
his country as a member of the 1984 U.S. Olympic gold-medal winning team.

With a total of five seasons at the Spurs, he played out his career with the Milwaukee Bucks, Chapter: Error! No text of specified style in document.
the Detroit Pistons and the Toronto Raptors. He was Best known for his defense.
His illustrious career was notably rewarded with various coveted awards and trophies. In 1986,
he became the inaugural winner of the NBA Most Improved Player Award which also marked
the first of four National Basketball Association All-Star Game appearances for the Guard with
others coming in the two following consecutive years (1987 to 1988) and again in 1991. He
also won the NBA Defensive Player of the Year Award in 1986, and led the league in steals in
1986, 1987 and 1991.

Notably, in the entire history of the NBA, only 4 players have ever recorded a Quadruple
Double, 3 of whom were Centres with the promoter being the only Guard to accomplish this
remarkle feat.

He is one of only seven players in Spurs' history to have been selected first, second or third-
team All-NBA and was a four-time All-Star. During the 1993–94 Season, the Detroit
Pistons traded the promoter to the Denver Nuggets. However, he never saw any playing time
for the Nuggets due to pre-existing back injuries. However, the promoter played his final
season in 1996-1997 with the Florida Beach Dogs.

22

...Expressing Hope, Opportunities, Life and Glory through Sport

As an outstanding leader in his field of sports, he has also displayed leadership qualities in the
private business sector. After his retirement from playing professional basketball, the promoter
established and managed successfully, a construction company, the ‘All Materials
Construction LLC’, based in San Antonio, Texas, USA which he grew from scratch to a level
where it was turning over approximately US$5m per annum with a total workforce of 15 before
selling the company in 2013.

All-in-all, he brings to the table, outstanding practical, as well as technical knowledge and skills
of premiership quality basketball at the highest level acquired over a decade of his
engagement in the game at the highest level attainable with leadership and management
qualities which he transferred into the private sector of corporate business.

He will undoubtedly be an invaluable asset to the company, ARBA Tech.

November 1, 2019 2. Assistant Coach 1
(Still to Be Provided)

3. Assistant Coach 2
(Still to Be Provided)

4. Admin Staff 1
(Still to Be Provided)

5. Admin Staff 2
(Still to Be Provided)

++++++++++++++++++++++++

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...Expressing Hope, Opportunities, Life and Glory through Sport

Business Viability of ARBA Tech

As things stand at the moment, there are numerous factors militating against establishing a
viable and profitable venture at this point in time inclusive of the following:

i) Lack of available capital to fund the basketball academy from start-up.
ii) A UK basketball industry that is being revamped following the withdrawal of funding

at National level.
iii) The absence of sufficient disposable income to attract individuals that would be

willing to pay premium fees for professional basketball training courses.
iv) With no track record here in the UK or franchise network on offer, corporate

membership would face extremely stiff competition with the existing network of
franchised ‘Keep-Fit’ gyms spread around the UK.
v) The promoter’s lack of knowledge and logistics of the local basketball industry.
vi) A single location for the academy would be insufficient to attract the level of
corporate membership to enable the academy to break-even and then advance to
profitability.
vii) The absence of available funding at national and regional level.

Given the current ranking of No. 41 for the UK Men’s basketball national team, after the FIBA
Basketball World Cup 2019 tournament held in China (31 August – 15 September) as shown in the
table presented above and when combined with the lack of funding for the UK basketball industry, it
will, in our opinion be an extremely mammoth task to establish a profitable basketball academy here in
the UK at this moment in time. Local support from financial institutions for working capital would also be
very difficult to obtain.

Incidentally, it should be noted that the Men’s national basketball team lost all their games at the 2019
World Cup, recently ended, finishing bottom of their group ‘D’.

November 1, 2019 However, having made the above statement of the non-viability of the project at this particular point in
time, we are of the opinion that if the major obstacles impeding current viability are attacked and
solutions found, then the project could be made to become viable, particularly to attract external
finance and funding

The following however, are presented as possible ‘viable’ alternative Options which the promoter may

wish to pursue.

Page 24 of 36

November 1, 2019 ...Expressing Hope, Opportunities, Life and Glory through Sport

Option 2 – Full-Time Employment at National Level

UK Basketball is currently undergoing a national ‘revamp’ with a strategy spread over the
period 2016-2028

In 2016, the British Basketball Federation (BBF), Basketball England, Basketball Scotland and
Basketball Wales launched a new strategy for the sport with the objective “to unify all major
partners in Britain to work together to build the sport from grassroots to world class GB teams
by engaging people in the sport”.

The objectives cover all aspects of the game including funding, media coverage, broadcasting
rights and promotion, commercial merchandising, raising the quality and standard of the sport
and:

“Improve the standard of coaching and officiating and grow the pool at every level of the
game.” 3

The UK basketball industry, driven by the British Basketball Federation, is currently unfolding
programmes across the UK with a view to raising the profile of the sport to a top professional
level here in the UK. Given the promoter’s many years of active participation playing
Basketball at top level with the World’s leading basketball League, the NBA in the USA,

A consideration here would be to approach the national basketball organisations in the UK
with, primarily, the objective of offering to increase the supply of highly trained and qualified
coaches through structured, first-class instructions and courses here in the UK while offering to
support the current ongoing revamp programme of the sport at national level. This could be
offered independently under the umbrella of an ‘ARBA Academy’ or taking up direct
employment with one of the national organisations for a limited contractual period say 6 to 18

3 The future of basketball in the UK - Number CDP-2018-0034, 16 February 2018, House of Commons Librar

Page 25 of 36

...Expressing Hope, Opportunities, Life and Glory through Sport

months, with terms to be agreed covering accommodation, work permits and remuneration
commensurate with current rates available in the European league.

Alternatively, pursuing a coaching career in the Euro League could also be considered given
the attractive remunerations as shown in the table below:

Basketball Coaching Salaries

USA NBA Basketball Coach Salaries

USA ($) UK (£) pm pw pd ph

Top NBA Coaches Salaries

1 Dwane Casey, Detroit Pistons (TIE) $ 7,000,000 £ 5,456,500.00 454,708.33 104,940.76 14,991.54 1,873.94

2 Rick Carlisle, Dallas Mavericks (TIE) $ 7,000,000 £ 5,456,500.00 454,708.33 104,940.76 14,991.54 1,873.94

3 Scott Brooks, Washington Wizards (TIE) $ 7,000,000 £ 5,456,500.00 454,708.33 104,940.76 14,991.54 1,873.94

4 Doc Rivers, Los Angeles Clippers $ 10,000,000 £ 7,795,000.00 649,583.33 149,915.38 21,416.48 2,677.06

5 Gregg Popovich, San Antonio Spurs $ 11,000,000 £ 8,574,500.00 714,541.67 164,906.92 23,558.13 2,944.77

Source: Sports Casting: https://www.sportscasting.com/nba-reasons-25-wins-impossible-new-york-knicks-this-
season/

In the above table, we have reviewed the salary scale of top NBA coaches and below, that of
their Assistant coaches in recent years with those of their counterparts here in UK and Europe.
Their assistant coaches however, earn considerably less:

USA Basketball Aassistant Coach Salaries

Assistant NBA Salaries USA ($) UK (£) pm pw pd ph

6 Average salary for coaches & scouts at the college,
university or professional level as of May 2013
$ 51,550 £ 40,183.23 3,348.60 772.81 110.40 13.80

7 Golden State Warriors assistant coach Mike Malone $ 750,000 £ 584,625.00 48,718.75 11,243.65 1,606.24 200.78

8 Lawrence Frank $6m over 6 yrs - 2013 $ 1,000,000 £ 779,500.00 64,958.33 14,991.54 2,141.65 267.71

9 Tyrone Lue $6.5m over4 yrs - 2014 $ 1,625,000 £ 1,266,687.50 105,557.29 24,361.25 3,480.18 435.02

Source: Eurohoops.Net: https://careertrend.com/info-12068751-salary-assistant-basketball-coach-nba.html

November 1, 2019 The Highest Paid Euroleague Coaches

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...Expressing Hope, Opportunities, Life and Glory through Sport

Top Euro-League Coach Salaries € Euros £ GBP £ GBP £ GBP £ GBP £ GBP

10 Zeljko Obradovic – Fenerbahce p.a. 0.86 pm pw pd ph
11 Dusan Ivkovic – Efes Anadolu
12 Xavi Pascual – Barcelona € 2,000,000 £ 1,720,000.00 £ 143,333.33 £ 33,079.47 £ 4,725.64 £ 590.70
13 Pablo Laso – Real Madrid
14 Dimitris Itoudis – CSKA Moscow € 1,100,000 £ 946,000.00 £ 78,833.33 £ 18,193.71 £ 2,599.10 £ 324.89
15 Ergin Ataman – Galatasaray
16 Dusko Ivanovic – Panathinaikos € 900,000 £ 774,000.00 £ 64,500.00 £ 14,885.76 £ 2,126.54 £ 265.82
17 Joan Plaza – Malaga
€ 900,000 £ 774,000.00 £ 64,500.00 £ 14,885.76 £ 2,126.54 £ 265.82

€ 700,000 £ 602,000.00 £ 50,166.67 £ 11,577.81 £ 1,653.97 £ 206.75

€ 600,000 £ 516,000.00 £ 43,000.00 £ 9,923.84 £ 1,417.69 £ 177.21

€ 600,000 £ 516,000.00 £ 43,000.00 £ 9,923.84 £ 1,417.69 £ 177.21

€ 500,000 £ 430,000.00 £ 35,833.33 £ 8,269.87 £ 1,181.41 £ 147.68

Sub-Totalls € 7,300,000 £ 6,278,000.00 £ 523,166.67 £ 120,740.06 £ 17,248.58 £ 2,156.07

Avg € 912,500 £ 784,750.00 £ 65,395.83 £ 15,092.51 £ 2,156.07 £ 269.51

Source: Eurohoops.Net: https://www.eurohoops.net/en/trademarks/84530/the-highest-paid-euroleague-
coaches/

However, in contrast, here in the UK, the highest paid Basketball coach attracts a mere
£15.05p/per hour which translates to an annual salary of £31.310 while training of UK coaches
improves the annual salary to £41,497 per annum equivalent to £20.00 per hour!

Top Coach average Salaries in the NBA league, however, are in a class of their own, far
exceeding their European counterparts:

With these comparable figures above, the prospect for a Coaching or ‘Assistant Coaching’
Career in Europe or indeed here in the UK as a first phase career development could be a
more lucrative and viable option given the current ongoing ‘revamp’ of UK Basketball referred
to above.

A ‘work-experience of this nature would:

November 1, 2019 1. Considerably improve knowledge of the basketball game here in the UK/Europe,
2. Contribute to improving the standard of UK basketball
3. Provide an invaluable network of contacts for the promoter,
4. Provide exposure and legitimacy to the promoter
5. Open up access to capital and/or investors for ‘ARBA’ when pursued at a later date.

Should this option be pursued, it would most definitely require the promoter to ‘re-locate to the
UK for the duration of the contract and/or Work Permit.

Page 27 of 36

November 1, 2019 ...Expressing Hope, Opportunities, Life and Glory through Sport

Option 3 – European Basketball Pundit/Commentator for a Network Media Outlet

The best career for individuals trying to find or indulge in their passion is a career where they
have a passion and the much-needed talent. Sports announcing, while it is a very competitive
field, is a great occupation for individuals who have a passion for sports, strong public
speaking skills and are determined to compete.4

A sports analyst is a term used throughout the English-speaking world (or color commentator
in USA) or expert commentator is a sports commentator who assists the play-by-play
commentator, typically by filling in when play is not in progress. The person may be referred to
as a summariser (outside North America). The analyst and main commentator will often
exchange comments freely throughout the broadcast, when the main commentator is not
describing the action. The commentator provides expert analysis and background information,
such as statistics, strategy, and injury reports on the teams and athletes, and occasionally
anecdotes or light humor. Color commentators are often former athletes or coaches of the
sport being broadcast.5

Quite a number of top USA sporting heroes have established regular and annual
Commentating contracts with national network media stations here in the UK and Europe.
Notable amongst them is Ovie Soko (Sky International, Basketball Pundit); John Mcenroe
(BBC, Tennis Pundit); Michael Johnson (BBC, Athletics Pundit); Martina Navratilova (BBC,
Tennis Pundit); to name a few.

However, this option will most likely require frequent and prolonged travels to Europe or even
a permanent relocation during seasonal/league games.

4 How Much Does a Broadcast Sports Announcer Make? - Sports Management Degree Guide
Source: < https://www.sports-management-degrees.com/faq/how-much-does-a-broadcast-sports-announcer-make/ >
5 Color Comentator: Source: < https://en.wikipedia.org/wiki/Color_commentator >

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November 1, 2019 ...Expressing Hope, Opportunities, Life and Glory through Sport

CONCLUSION
This preliminary report draws the following conclusions based on the presentations above. The
question regarding whether ARBA Academy would be a profitable venture we would say that
on the basis of lack of capital, an under-resourced basketball industry here in the UK and the
relatively poor aspirations, in the short-term, this would not be profitable. However, if the
current ongoing revamping programme succeeds resulting in a cash inflow into the sport at a
national level, then this project could be re-visited again at a later date.
However, in the interim, we have offered alternative options which the promoter may wish to
consider which would have the net effect of adding value in terms of knowledge of the game
here in UK/Europe as well as networking with key players of both on the court as well as top
management at national level. This, in our opinion, would become an invaluable asset to the
original business proposals in future.

Page 29 of 36

...Expressing Hope, Opportunities, Life and Glory through Sport

NOTES AND REFERENCES

USA NBA Basketball Coach Salaries
Source: Sports Casting: https://www.sportscasting.com/nba-reasons-25-wins-impossible-new-york-
knicks-this-season/

USA NBA Assistant Basketball Coach Salaries
Source: Sports Casting: https://careertrend.com/info-12068751-salary-assistant-basketball-coach-nba.html

The Highest paid Euroleague Coaches – 18/04/2015
Source: < https://www.eurohoops.net/en/trademarks/84530/the-highest-paid-euroleague-coaches/>

The future of basketball in the UK - Westminster Hall, Tuesday 20 February 2018,
House of Commons Library – DEBATE PACK Number CDP-2018-0034, 16 February 2018
Source: < https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CDP-2018-
0034#fullreport >

FIBA WORLD RANKING PRESENTED BY NIKE
Men’s Ranking after the FIBA Basketball World Cup 2019
Source: < https://www.fiba.basketball/rankingmen >

How Much Does a Broadcast Sports Announcer Make?
- Sports Management Degree Guide
Source: < https://www.sports-management-degrees.com/faq/how-much-does-a-broadcast-sports-
announcer-make/ >

Color Comentator
Source: < https://en.wikipedia.org/wiki/Color_commentator >

Financial Projections Template
https://www.score.org/resource/financial-projections-template

Simple Steps for Starting Your Business:
https://www.score.org/search/site/start%20your%20business

Clearpoint Strategy
https://www.clearpointstrategy.com/swot-analysis-examples/

November 1, 2019 The Internet's #1 Website for Basketball Camps, Resources and Learning Products
World Class Resources for Players and Coaches of All Skill Levels
https://www.breakthroughbasketball.com/

USA Basketball; Process for Becoming a Licensed Coach; Coach License - Process
Source: https://www.usab.com/youth/development/coach/process-for-becoming-a-licensed-coach.aspx

Basketball England - Organise a Course

Page 30 of 36

November 1, 2019 ...Expressing Hope, Opportunities, Life and Glory through Sport
Source: <https://www.basketballengland.co.uk/get-involved/organising-a-course/
FIBA Europe Coaching Certificate
Source: https://www.fiba.basketball/coaches/europe-coaching-certificate
NBA Academy: https://nbaacademy.nba.com/
NBA USA Coaching Certificate Google Search)
https://www.google.com/search?q=NBA+USA+Coaching+Certificate&rlz=1C1EKKP_enGB702GB702&oq=NBA+U
SA+Coaching+Certificate&aqs=chrome..69i57.22137j0j4&sourceid=chrome&ie=UTF-8
Coaching Pathway: <Source: https://www.basketballengland.co.uk/get-involved/coach/coaching-pathway/ >
.For more information on Coaching Courses, See: https://www.basketballengland.co.uk/get-
involved/coach/coaching-pathway/
NBA Games in Paris

Obtain Tickets for:
Charlotte Hornets vs Milwaukee Bucks

Paperflip Report
https://www.paperturn-view.com/uk/busyenterprise/arba-prelim-proposals-report-nov2019-yes-99-
tptest?pid=Njc67772
or
https://www.paperturn-view.com/?pid=Njc67772

Page 31 of 36

APPENDICES
FINANCIAL SUMMARY

32
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...Expressing Hope, Opportunities, Life and Glory through Sport

Appendix – I -/- Projected Income Revenue Streams

Projected Mth 1 Mth 2 Mth 3
(12 mths) Jan-20 Feb-20 Mar-2
%
REVENUES 5% 6%

UKCC Level 1 in Coaching Basketball. Awarded 22,098 1,105 1,32
by 1st4SportQualifications: (Level 1 X 9 subjects
1 X 2hrs ea = 18hrs/3wks=6hrs p/wk)

UKCC Level 2 in Coaching Basketball. Awarded 55,246 2,762 3,31
by 1st4SportQualifications: (Level 2 X 9 subjects
2 X 2hrs ea = 18hrs/3wks=6hrs p/wk)

UKCC Level 2 in Coaching Basketball. Awarded 88,393 4,420 5,30
by 1st4SportQualifications: (Level 2 X 9 subjects
8
3 X 2hrs ea = 18hrs/3wks=6hrs p/wk) 19
51
4 Corporate Clients 1 - Groups 10 per1c,l4a7ss3 of 2 hrs x 8 hrs p/we7e4k 17
22
5 Corporate Clients 2 - Individuals 5 per3c,l3a1s5s of 2 hrs x 8 hrs p/w16e6ek 12
49
6 Personal Training (Teams of 5) 8,568 428 97

7 Personal Training (Teams of 10) 2,856 143

November 1, 2019 8 Membership 3,672 184

9 Hosting Team Tournaments 2,040 102

10 Merchandising (Printed kits, balls, hats,etc) 8,160 408

11 Merchandising (AR & MJ Kits) Sales) 16,320 816

Sub-Totals 212,141 0 10,607 12,72

Table 1 - PROJECTED SALES REVENUE - Year 1

3 Mth 4 Mth 5 Mth 6 Mth 7 Mth 8 Mth 9 Mth 10 Mth 11 Mth 12 Totals
20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 £
10%
9% 10% 10% 10% 10% 10% 10% 10%

6 1,989 2,210 2,210 2,210 2,210 2,210 2,210 2,210 2,210 22,098

5 4,972 5,525 5,525 5,525 5,525 5,525 5,525 5,525 5,525 55,246

4 7,955 8,839 8,839 8,839 8,839 8,839 8,839 8,839 8,839 88,393

88 133 147 147 147 147 147 147 147 147 1,473
99 298 331 331 331 331 331 331 331 331 3,315
14 771 857 857 857 857 857 857 857 857 8,568
71 257 286 286 286 286 286 286 286 286 2,856
20 330 367 367 367 367 367 367 367 367 3,672
22 184 204 204 204 204 204 204 204 204 2,040
90 734 816 816 816 816 816 816 816 816 8,160
79 1,469 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 16,320

28 19,093 21,214 21,214 21,214 21,214 21,214 21,214 21,214 21,214 212,141

Page 34 of 36

...Expressing Hope, Opportunities, Life and Glory through Sport
Appendix – II - Projected Cash Flow, Overheads and Operating Costs

Projected Mth 1 Mth 2 Mth 3
(12 mths) Jan-20 Feb-20 Mar-2
%£ 25% 8.33% 8.33%

12 COSTS (OVERHEADS) 15,000 3,750 1,250 1,25
13 Annual Rent (Courts + Gym Hire) + Deposit 5,000 1,250 417 41
14 Annual Rent (Office Space) + Deposit 3,000
15 Salary 1 (Technocrat Promoter) 36,000 2,999 2,99
16 Salary 2 (Understudy Coach 1) 26,500 250 2,208 2,20
17 Salary3 (Understudy Coach 2) 23,000
18 Annual BBE Coaching Membership;Licence (3) 83 18
19 Salary4 (Admin Staff/Nurse) 1,000 1,833 8
20 Salary5 (Admin Staff/Welfare) 22,000
21 Sales & Marketing 21,000 1,83
22 Transport (Public) / Coach Hire 15,000
23 Vehicle Purchase (HP/Lease 1,500 2,000 2,00
24 Office Equipment (60%+20%+20%) 3,000 750 250 25
25 Employers Liability Insurance 10,000
26 Broadband/Telephone Line Installn/Rentals 879 29
27 Mobile Phone(s) purchase (25%+45%+8.3%) 1,465 625 208 20
28 Beverages (Tea/Coffee/Biscuits) 2,500 300 5
29 Professional Fees (Consulting/BusPlan) 125
600 69 6
500 7,500 42 4
500
17,500 1,45

30 Sub Totals 180,565 14,629 9,992 11,67

November 1, 2019 31 REVENUES 212,141 - 10,607 12,72
32 COSTS (OVERHEADS) 180,565 14,629 9,992 11,67

33 Sub Totals 31,576 (-14,629) 615 1,05

34 Cash-Flow (-14,629) ####### ######

3 Mth 4 Mth 5 Mth 6 Mth 7 Mth 8 Mth 9 Mth 10 Mth 11 Mth 12 Totals
20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 £
% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33%

50 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 17,495

17 417 417 417 417 417 417 417 417 417 5,832

99 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 35,987

07 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 2,207 24,283

84 1,916 1,916 1,916 1,916 1,916 1,916 1,916 1,916 1,916 17,427

83 83 83 83 83 83 83 83 83 83 1,166

33 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 1,833 20,159

1,749 1,749 1,749 1,749 1,749 1,749 1,749 1,749 1,749 15,744

00 1,500 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 16,996

50 250 250 250 250 250 250 250 250 250 3,499

3,000 232 232 232 232 232 232 4,394

93 293 1,465

08 208 208 208 208 208 208 208 208 208 2,916

50 50 50 50 50 50 50 50 50 50 800

69 42 42 42 42 42 42 42 42 42 637

42 42 42 42 42 42 42 42 42 42 458

58 1,458 1,458 1,458 1,458 1,458 1,458 17,704

75 14,630 14,086 17,086 14,318 14,318 14,318 12,861 12,861 12,861 163,635

28 19,093 21,214 21,214 21,214 21,214 21,214 21,214 21,214 21,214 212,141
75 14,630 14,086 17,086 14,318 14,318 14,318 12,861 12,861 12,861 163,635

53 4,463 7,128 4,128 6,896 6,896 6,896 8,353 8,353 8,353 48,506

## (-8,498) (-1,370) 2,758 9,654 16,550 23,445 31,799 40,152 48,506

Page 35 of 36

©Pynnacle Limited
London - UK

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