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Investment Update

29 Sep 2014 10:11

RNS Number : 8447S
Tau Capital PLC
29 September 2014
 



TAU CAPITAL PLC

(the "Company" or "Tau")

 

 

Investment Update

 

Tau Capital Plc is pleased to announce that agreement in principle has been reached by its wholly owned subsidiary, Tau Cayman LP to dispose of its holdings in both of its remaining assets, Lucent Oil & Gas (Cyprus) Limited ("Lucent") and Stopharm LLP ("Stopharm").

 

The agreed sale price of Stopharm, before costs (estimated to be US$60,000), is US$7 million. The sale is conditional upon other participants in Stopharm waiving or in the case of exercising their pre-emptive rights then matching the agreed sale price and to approval being granted to the sale by the Anti-Monopoly Agency of the Republic of Kazakhstan. Both are anticipated by the end of 2014. As announced on 13 June 2014, the carrying value of Stopharm was reduced to US$8 million; for the purposes of the valuation used in the Interim Financial Statements at 30 June 2014, the carrying value will be reduced to US$7 million.

 

The acquirer of Stopharm is Capital Gate Holdings LLP a company which is wholly owned by Nurgul Zhaukeyeva who also wholly owns Capital Gate Securities Limited, the Investment Adviser to the Company. Capital Gate Holdings LLP has a holding of 10% in Tau Capital's shares. The Board consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

 

The proceeds, net of costs, for the sale of Lucent are expected to amount to US$250,000. The carrying value of Lucent in the Company's annual financial statements at 31 December 2013 was nil; the Company will adopt a valuation of US$250,000 for the Interim Financial Statements at 30 June 2014. The sale is subject to approval from the Ministry of Energy in Kazakhstan, which is anticipated by the end of 2014.

 

The Interim Financial Statements as at 30 June 2014 will be released on 30 September 2014.

 

Further announcements will be made once the approvals referred to have been granted. The Board's intention will be to return the proceeds from the above sales to shareholders once received.

 

Further information, please contact:

 

 

IOMA Fund & Investment Management Ltd

Philip Scales

Tel: +44 (0) 1624 681250

Numis Securities Ltd

Nominated Adviser: Nick Westlake / Hugh Jonathan

Corporate Broking: Nathan Brown

Tel: +44 (0) 20 7260 1000

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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