Doriemus Regulatory News (DOR)

23 May 2005 06:00

23rd May, 2005 TEP Exchange Group Plc ("TEP" or "the Company") Additional Listing Issue of ordinary shares to Surrenda-link Limited In December 2002, the Company entered into an agreement, which was approved byshareholders on 13 January 2003, with Surrenda-link Limited ("Surrenda-link"),which is a leading market maker in traded endowment policies and manages otherrelated investments, which resulted in Surrenda-link taking over theoperational management of the TEP Exchange for an initial two year period("Outsourcing Agreement").The directors of TEP who are independent of Surrenda-link have now resolved tomake the final payment due under the Outsourcing Agreement, to be satisfied bythe issue of 32,978,700 new TEP ordinary shares. As a result, Surrenda-linkwill hold 100,671,279 new TEP ordinary shares, equivalent to 44.79 per cent. ofthe enlarged issued share capital of the Company. Surrenda-link, and partiesacting in concert with it, will hold 108,371,279 new TEP ordinary shares,equivalent to 48.22 per cent. of the enlarged issued share capital of theCompany.A new outsourcing agreement with Surrenda-link, for an initial period of threeyears, was announced on 16 December 2004 and sums due under that agreement willbe payable in cash, as set out in that announcement.Application has been made for the new ordinary shares to be admitted to AIM andit is expected that dealings will commence on 27 May, 2005.Enquiries;TEP Exchange Group Plc George Kynoch 07860 743425 Surrenda-link Limited Paul Sands 01244 319520 John East & Partners Limited 020 7628 2200John East Simon Clements ENDTEP EXCHANGE GROUP PLC