17 Dec 2015 09:48
17 December 2015
Concha PLC("Concha" or the "Company")
Termination of investment discussions
As previously announced, the Company had been engaged in negotiations regarding a specific global opportunity within its investment scope. Whilst the Board appreciates that significant time has elapsed since it first announced that it had engaged in these discussions, the Board has been keen to monitor its development further before formalising a possible investment commitment.
During the course of this week, following further discussions with the target investee company, the Board met to discuss the status and complexity of the proposed transaction as well as the likely timescale for the completion of any transaction. In the light of those conversations the Concha Board and the board of the target investee company have agreed that it is in both parties' interests to terminate discussions immediately. Whilst the Board are disappointed not to have been able to successfully complete this investment, the Board is confident that this decision is in the best interests of shareholders.
Whilst it is true that the Board has recently been focussing on the specific opportunity mentioned above, the Board has, and will continue to, assess a number of other potential investment opportunities in line with the Company's investment policy.
The Board is clearly aware of the recent volatility in the Company's share price and the Board notes that the Company's market capitalisation remains significantly higher than its net asset position.
The Company will release its final results for the year ended 30 June 2015 on 22 December 2015.
Enquiries:
Concha PLC | Chris.akers@srgplc.com |
Chris Akers, Executive Chairman |
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SPARK Advisory Partners Limited (Nominated Advisor) | +44 (0) 203 368 3550 |
Sean Wyndham-Quin / Mark Brady |
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Buchanan (Financial PR) +44 (0) 207 466 5000
Mark Edwards