20 Apr 2015 12:16
TAU CAPITAL PLC
(the "Company" or "Tau")
Investment Update
Following the announcement made in the release of the Interim Financial Statements on 30 September 2014, the Board of Tau announces completion of the sale of its holding in Lucent Petroleum LLP for USD250,000.
The sale of the holding in Stopharm LLP as also announced on 30 September 2014 is ongoing. However it is likely that shareholders in Stopharm including Tau will be asked to make a subordinated loan to the company in order to sustain its banking facility. The maximum amount that Tau may be asked to contribute is USD700,000 and, if requested, this amount would be deducted from the settlement proceeds that Tau receives from the sale of Stopharm. Terms of the loan note such as rate of interest and duration have not yet been negotiated. This instrument would be transferable, however, the Directors of Tau understand that the potential for such transaction carries significant uncertainty both as to timing and discount. Consequently it may not be possible to sell the subordinated loan. As soon as more information is available a further announcement will be made.
Further information, please contact:
IOMA Fund & Investment Management Ltd Philip Scales | Tel: +44 (0) 1624 681250 |
Numis Securities Ltd Nominated Adviser: Hugh Jonathan Corporate Broking: Nathan Brown | Tel: +44 (0) 20 7260 1000
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