13 Sep 2010 12:22

13 September 2010
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Eckoh plc
("Eckoh" or the "Company")
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Update on Redstone Loan Repayment
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Further to the announcements on 24 August and 8 September 2010, Eckoh confirms that of the 200 million shares in Redstone plc ("Redstone") that were issued to Eckoh, 100 million have been sold, as anticipated, for ÂŁ500,000 (before expenses). In addition, a further 20 million of the Redstone shares have been sold for ÂŁ100,000 (before expenses) (Redstone having waived the lock-in in respect of those shares). When combined with the ÂŁ500,000 settlement fee due to be paid this week, a total of ÂŁ1.1 million will be received by Eckoh.Â
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Eckoh therefore retains 80 million shares in Redstone, representing approximately 3.12% of the issued share capital, and in accordance with the loan repayment agreement, these shares remain subject to a lock-in until 8 September 2011.
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Enquiries:
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Eckoh plc |
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Nik Philpot, Chief Executive Officer |
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Adam Moloney, Group Finance Director |
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www.eckoh.com |
Tel: 01442 458 300 |
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Corfin Public Relations |
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Harry Chathli, Claire Norbury |
Tel: 020 7596 2860 |
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Seymour Pierce |
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Jonathan Wright, Jeremy Porter (Nominated Adviser) |
Tel: 020 7107 8000 |
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Jacqui Briscoe (Corporate Broking) |
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