Last checked at 21 Aug 2012 07:00
Hermes Pacific Investments plc
(the "Company")
Name Change Effective
Pursuant to the announcement made on 20 August 2012, the Company is pleased to announce that the change of name process has now been completed and that the Company will begin trading under its new name of Hermes Pacific Investments plc (formerly Indian Restaurants Group plc) and new ticker HPAC.L (formerly IRGP.L) with effect from 07:30 a.m. today, 21 August 2012. The Company's ISIN remains unchanged (ISIN:GB00B0YTNL47).
Further information please contact:
Indian Restaurants Group Plc | |
Haresh Kanabar, Non-Executive Chairman Matt Wood, Non-Executive Director | Tel: +44 (0) 20 7583 8304
|
WH Ireland | |
Nominated Adviser & Broker | |
Marc Davies/ Mike Coe | Tel: +44 (0) 117 945 3420 |
Note to Editors:
The Company's investment policy was approved by shareholders at a general meeting of the Company held on 20 August 2012. The proposed investments to be made by the Company may be either quoted or unquoted; made by direct acquisition of an equity interest; may be in companies, partnerships, joint ventures; or direct interests in projects in South East Asia including, but not limited to, investments in the financial sector. The Company's equity interest in a proposed investment may range from a minority position to 100 per cent. ownership.
The Company will identify and assess potential investment targets and where it believes further investigation is required and subject to assessment of potential risk, intends to appoint appropriately qualified advisers to assist.
The Company proposes to carry out a project review process in which all material aspects of any potential investment will be subject to due diligence, as considered appropriate by the Board. It is likely that the Company's financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules.
Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.
The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends. Given the nature of the Company's Investment Policy, the Company does not intend to make regular periodic disclosures or calculations of net asset value.