ELEP.L Regulatory News (ELEP)

10 Jul 2007 14:32

Elephant Loans & Mortgages PLC10 July 2007 ELEP.L ELEPHANT LOANS & MORTGAGES PLC ("Elephant Loans" or "the Company") AGM Statement Elephant Loans, the sales distribution channel for specialist lenders, will beholding its Annual General Meeting this afternoon. In his address toshareholders, Chairman Don Hammond will make the following comments, "As I reported in my Chairman's Statement within the Annual Report and Accounts,the Company made excellent progress during the financial year to 31 March 2007and we invested significantly in the business. We entered the new financial year in discussions with certain potential AffinityPartners for the provision of increased high quality sales leads. At the sametime, the industry as a whole has been awaiting the outcome of an FSA thematicreview. This has caused some delay in the conclusion of partnership discussions.However, now that the thematic review has been delivered, we anticipate thosediscussions concluding. In the event of a successful outcome to discussions withany one specific potential partner, the impact on the Company's revenues shouldbe significant. Against this background of market uncertainty, the Board has been encouraged bythe sales growth in the first quarter although it is somewhat behind managementtargets at this early stage of the year and there has therefore been ashort-term impact on cash flow. As announced on 5 June 2007, the Company's new insolvency solutions packagingsubsidiary, DebtSmashers has an agreement in place with Grant Thornton UK LLPand this relationship is working well. I am pleased to report that theDebtSmashers subsidiary is making encouraging progress towards covering itscosts. I look forward to updating shareholders on Affinity Partnerships discussions indue course and on reporting on the Company's progress at the half year stage." For further details, please contact: Elephant Loans & Mortgages plc T: 020 8892 2777Donald Hammond, Non-Executive ChairmanGary Miller-Cheevers, Chief Executive Officer ARM Corporate Finance T: 020 7512 0191Nick Harriss Biddicks T: 020 7448 1000Katie Tzouliadis Notes to Editors The Company acts as a sales distribution channel for specialist lenders and isregulated by the FSA. It advises indebted individuals on appropriate debtsolutions, completes the entire application process and passes for approval thepre-completion pack to specialist lenders for funding. The Company does not bearany credit risk. The debt resides on the balance sheet of the lender. Further information can be found at the Company's website at http://www.elephantloans.co.uk This information is provided by RNS The company news service from the London Stock Exchange