PXOG.L Regulatory News (PXOG)

9 Aug 2005 15:54

Premier Management Holdings PLC09 August 2005 9 August 2005Premier Management Holdings plc (the "Company")Clarification of financial position Further to its announcement of 29 April 2005, the Company is pleased to announcethat its financial position has now been clarified favourably following a changeof ownership of the Company's debenture. On 29 April 2005, the Company reported that it had received a demand forimmediate repayment of all amounts due to its debenture holder. At that time theCompany was unable to meet this demand and entered negotiations with thedebenture holder seeking to obtain the withdrawal of the repayment demand. Atthis time the Company requested that the London Stock Exchange suspended tradingin the Company's shares on AIM pending clarification of the Company's financialposition. The Company has been informed today that Barry Gold, the Company's non-executiveChairman, has entered an agreement with the debenture holder and acquired thedebenture and has informed the Company that it is his intention to withdraw therepayment demand at the earliest practicable opportunity. Although the financial position of the Company has now been clarifiedfavourably, the Company is not yet in a position to announce its preliminarystatement of results for the year ended 31 January 2005 as work on the Company'saccounts had been halted whilst the Company negotiated with the debentureholder. As these results were required to be announced by 31 July 2005 under theAIM Rules, the Company will not be in a position to request the London StockExchange to restore the Company's AIM trading facility until the preliminarystatement has been made. It is anticipated that the preliminary statement will be released duringSeptember, at which time a request will be made to the London Stock Exchange torestore trading in the Company's shares on AIM. ENDS This information is provided by RNS The company news service from the London Stock Exchange