Promethean PLC Exercise of January Loan Services Limited option (2919E)
May 09 2013 - 1:00AM
UK Regulatory
TIDMPTH
RNS Number : 2919E
Promethean PLC
09 May 2013
9 May 2013
Promethean plc
Promethean plc (the "Company" or the "Group") announces that the
management of January Loan Services Limited ("JLSL") have exercised
their option to acquire Promethean's stake in JLSL for the
previously agreed amount of GBP625,000.
Further to the option exercise, Promethean has been granted an
option to acquire up to 6% of JLSL (or 20% of Promethean's historic
holding) at the same value that JLSL acquired Promethean's holding.
While Promethean is restricted from making further investments it
is investigating, in consultation with the Board of JLSL, available
alternatives for utilising this option to the benefit of
shareholders.
Such alternatives may include offering certain qualifying
Promethean shareholders the option of a direct investment in JLSL
through subscription to a private share placement by JLSL.
Promethean shareholders potentially interested in participating in
an investment in JLSL should register their initial interest with
Promethean's NOMAD (contact details below) within 4 weeks of the
date of this announcement.
Promethean PLC now has one remaining asset in the form of the
loan notes and shares in TIS Group. Further to the update provided
in the Company's interim results, the Board remains in constructive
discussions in relation to the position of its investment in TIS
Group and expects to be able to issue an update to the market by 30
June 2013.
Further enquiries:
Sir Peter Burt
Promethean PLC +44 (0) 207 246 2590
Stuart Gledhill
S. P. Angel Corporate Finance LLP: +44 (0)20 3463 2260
Other corporate information can be found at:
http://www.prometheanplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCNKFDBABKDOPK
Promethean (LSE:PTH)
Historical Stock Chart
From May 2024 to Jun 2024
Promethean (LSE:PTH)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Promethean (London Stock Exchange): 0 recent articles
More Promethean News Articles