Update on Redstone Loan Repay

RNS Number : 5712S

Eckoh PLC

13 September 2010

 



13 September 2010

Eckoh plc

("Eckoh" or the "Company")

Update on Redstone Loan Repayment

Further to the announcements on 24 August and 8 September 2010, Eckoh confirms that of the 200 million shares in Redstone plc ("Redstone") that were issued to Eckoh, 100 million have been sold, as anticipated, for £500,000 (before expenses). In addition, a further 20 million of the Redstone shares have been sold for £100,000 (before expenses) (Redstone having waived the lock-in in respect of those shares). When combined with the £500,000 settlement fee due to be paid this week, a total of £1.1 million will be received by Eckoh. 

Eckoh therefore retains 80 million shares in Redstone, representing approximately 3.12% of the issued share capital, and in accordance with the loan repayment agreement, these shares remain subject to a lock-in until 8 September 2011.

Enquiries:

Eckoh plc
Nik Philpot, Chief Executive Officer
Adam Moloney, Group Finance Director
www.eckoh.com	Tel: [phone]
Corfin Public Relations
Harry Chathli, Claire Norbury	Tel: [phone]
Seymour Pierce
Jonathan Wright, Jeremy Porter (Nominated Adviser)	Tel: [phone]
Jacqui Briscoe (Corporate Broking)

 

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