Frenkel Topping Group PLC
11 May 2006
Frenkel Topping Group plc
(the 'Company')
The Company announces that it has offered to buy back shares representing
approximately 14.3% of the issued share capital of Frenkel Topping Limited (FTL)
and Frenkel Topping Structured Settlements Limited (FTSSL) in exchange for new
ordinary shares of 0.5p each in the share capital of the Company ('New Ordinary
Shares'). If the offer is accepted in full, the consideration will amount to
£1,964,000, to be satisfied by the issue by the Company of 8,183,333 New
Ordinary Shares at an issue price of 24p per share, representing 15.2% of the
enlarged share capital following the issue of the New Ordinary Shares. The New
Ordinary Shares will be subject to a lock-in for a period of one year.
If accepted in full, the Company would increase its holdings in the issued share
capital of FTL and FTSSL from approximately 67% to approximately 81%. For the
financial year ended 31st December 2005, FTL made an operating profit of
£237,124 on turnover of £1,948,501 and FTSSL recorded an operating loss of
£720,894 on turnover of £354,805.
FTL is an independent financial adviser specialising in the investment of
personal injury awards. FTSSL specialises in the design and use of structured
settlements to personal injury litigation now known as Periodical Payments
following the introduction of the Courts Act on the 1st April 2005.
The offer will remain open for acceptance until the close of business on Friday,
2 June 2006. A further announcement will be made following the closing date.
For further information, please contact:
Frenkel Topping Group plc
Richard Fraser (Chief Executive) Tel: 0161 886 8000
W.H. Ireland Limited
D.W. Youngman Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange MMABBLF
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