Last checked at 
25 Mar 2010 07:00
Embargoed 7am Thursday March 25 2010
ATHELNEY TRUST PLC
ISSUE OF EQUITY
Athelney Trust plc (the "Company"), the investor in small companies and junior markets, is to issue and allot 198,088 new ordinary shares, subject to shareholder approval, to funds nominated by Hyperion Asset Management Limited ("Hyperion"), a fund management company based in Brisbane, Australia at a price of 120.15p per new ordinary share.
The issue will raise a total of approximately £238,000 for the Company, representing approximately 9.90 per cent of the enlarged issued share capital. The issue and allotment is subject to shareholder approval at the Company's forthcoming annual general meeting ("AGM").
The notice of AGM, which was sent to shareholders of the Company today along with the Company's report and accounts for the year ended 31 December 2009, contains a resolution seeking shareholder approval for the placing of the 198,088 new ordinary shares.
If this resolution receives shareholder approval at the AGM to be held on 5 May 2010, the Company will immediately apply for the admission of the 198,088 new ordinary shares to the Official List of the UK Listing Authority and to trading on London Stock Exchange plc's market for listed securities.
Mr Robin Boyle has also informed the Board that Trehellas House Limited ("Trehellas"), a company in which he is interested and which holds 391,600 ordinary shares in the Company representing approximately 19.57 per cent. of the Company's enlarged share capital, has, separately, entered into an agreement with Hyperion giving entities nominated by Hyperion the ability to acquire such number of shares from Trehellas as shall, when taken with their existing holding, not exceed 29.9% of the issued equity share capital of the Company.
The price for any such sale and purchase has been agreed at the net tangible asset value of each share as determined by the most recent published statement. This agreement amounts to a right of first refusal only and there is no obligation on Trehellas to sell its shares at any particular time or, having determined to sell those shares, no obligation on Hyperion to buy.
This Agreement is presently being held in escrow to be released on completion of the placing.
Robin Boyle, Managing Director of Athleney said: ''This is a vote of confidence in the management of Athelney Trust and its strategy of investing for prospects of capital growth and an increasing income from a widely diversified portfolio of small caps. We are delighted to be working with Hyperion''.
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For further information:
Robin Boyle, Managing Director
Athelney Trust plc 020 7628 7937
Paul Quade 07947 186694
CityRoad Communications 020 7248 8010