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24 Nov 2011 11:40
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Promethean plc (the "Company")
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PortfolioΒ Update
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24 November 2011
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The Board is pleased to announce that in keeping with the strategy of seeking an orderly exit from investments, the Company has realised its entire holding in IFG Group PLC ("IFG").
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IFG, which is listed on both the Official List of the Irish Stock Exchange and the Official List (premium listing) of the United Kingdom Listing Authority, had been subject to a takeover bid earlier this year. The takeover bid lapsed on 13th September 2011.
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Following the lapse of the takeover bid in September, the Company has now sold 4,469,658 shares in IFG at a price of β¬1.00 per share, being 85.5p, resulting in a write down of Β£0.74m from the Dec 2010 valuation of Β£4.56m.The original cost of the investment was Β£6.32m. Gross dividends of Β£0.51m were received during the period of the investment.
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The Company holds no other shares in IFG.
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Further information on the remaining investments and realisation progress will be provided at the time of the announcement of the Annual Results which is expected in early December with a view to making a capital distribution in January.
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- END -
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Enquiries:
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Sir Peter Burt
Promethean Investments LLP +44 (0) 207 479 7660
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Tom Durie / Gillian McCarthy
Fairfax I.S. PLC +44 (0) 207 598 5368
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