React Group Regulatory News (REAT)

VERDES MANAGEMENT PLC (AIM: VMP)

AGM Statement

Verdes announces that at today's Annual General Meeting to be held at 11.00 at Adam House ,7-10 John Adam Street, The Strand London WC2N 6AA the Chairman, Adam Webb, will make the following statement:

"As shareholders will know, we have been disappointed not to have concluded any revenue generating deals in the business turnaround space, notwithstanding that we remain convinced of a demand for these services at the present stage of the economic cycle.

However, we acknowledge that we must provide a return to our shareholders and with that overriding objective in mind and as announced on 5 March 2013, we are proposing to develop a new business model which, if successful, should result in the Company establishing a fund management capability which it is intended will be developed as its main business activity. Any such change would be subject to shareholders' prior approval. It is intended that the existing business turnaround and mergers and acquisitions advisory business will be continued as a subsidiary company.

We previously announced some problems which unfortunately arose in relation to the placing announced in October 2012 for reasons outside the Company's control. We took all practical steps to secure interim funding to take our strategy forward and announced earlier this month some further funding arrangements under a Convertible Loan. We are assured that the funding under this new arrangement will be with us in a matter of days and subject to that we intend to work with our new investor to progress the strategy as set out in this statement."