PCF.L Regulatory News (PCF)

9 Aug 2005 15:21

Private & Commercial Fin Group Plc09 August 2005 PRIVATE & COMMERCIAL FINANCE GROUP PLCUPDATE ON OFFER DISCUSSIONS 9th August 2005 On 16 June 2005, the Directors of Private & Commercial Finance Group plc ("PCFG"or the "Company") announced that they had received a tentative approach over apotential offer for the Company. On 1 August 2005, the Directors announced that the position remained unchangedand that, for reasons totally unrelated to the Company, the party which made theapproach was not in a position to pursue substantive discussions for the timebeing. The party concerned has today advised that the reasons for the delay arecontinuing and are likely to become even more protracted. Accordingly ratherthan prolong matters they felt it was in the best interest of both parties notto pursue their potential interest. Tony Nelson, Managing Director of the Company, said: "As we indicated in our announcement on 1 August 2005, we never reached thepoint of substantive discussions over an offer for the Company. We fullyunderstand and appreciate the other party's position and are glad that they haveagreed not to prolong matters. "We are now free to concentrate on growing the business, which will be aided bythe proceeds of the recent placing of 3.8 million new shares at 25p." Enquiries: Private & Commercial Finance Group plc 020 7222 2426Tony Nelson Westhouse Securities LLP 0161 838 9140Tim Feather St Brides Media & Finance 020 7242 4477Isabel Crossley This information is provided by RNS The company news service from the London Stock Exchange