20 Dec 2010 14:11
Mission Capital plc(" the Company")
The Directors of the Company announce that the preliminary discussions announced on 2 August 2010 in relation to a potential acquisition which would have been regarded as a reverse takeover under rule 14 of the Aim Rules for Companies ("AIM Rules") have been terminated.
The Directors are however pleased to advise shareholders that, following extensive investigation of a number of potential acquisitions, Heads of Terms have now been signed in relation to a substantial acquisition which are expected to lead to the signature of a conditional contract shortly. This transaction would also constitute a reverse takeover under Rule 14 of the AIM Rules.
A further announcement will be made in due course.
Shareholders should note that the property at Gloucester owned by one of the Company's subsidiaries remains unlet. The Group's investment in this property was fully provided against in the accounts to 30 September 2009. The Group subsidiary which owns the asset is co-operating with the lender on that property to maximize realizable value for the lender.
Mission Capital plc
Philip Goldenberg, Chairman
020 7291 8807
Tom Griffiths
Richard Johnson
Arbuthnot Securities
020 7012 2129
Michael Sandler
Hudson Sandler
020 7796 4133