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ARC Capital Holdings (ARCH)

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Wednesday 23 July, 2014

ARC Capital Holdings

Update on Sale of Fortress Group

RNS Number : 0812N
ARC Capital Holdings Limited
23 July 2014
 

ARC Capital Holdings Limited

 

Update on Sale of Fortress Group Limited

 

 

In an announcement made on 4 July 2014, ARC Capital Holdings Limited ("ARCH") (AIM: ARCH) provided an update in respect of the sale of ARCH's equity stake in Fortress Group Limited ("FGL") to its shareholders, including that ARCH has been informed that the PAG Closing has not occurred.  

 

Capitalised terms used but not defined in this announcement have the same meanings as set out in the announcement dated 4 July 2014.

 

As of the date of this announcement, neither ARCH nor the Purchaser have served a termination notice in respect of the Transaction.

 

ARCH has sought an explanation or clarification from the Investment Manager, ARC Capital Partners Limited, and FGL as to the reasons for the PAG Closing not having occurred and the current status of the PAG Closing but no information or clarification has been forthcoming from either the Investment Manager or FGL.

 

ARCH has requested that the Investment Manager and FGL provide the requested information or clarification by 23 July 2014.

 

A further announcement will be made in respect of any material developments on this matter.

 

For more information please contact:

 

ARC CAPITAL HOLDINGS LIMITED:

Steve Feniger, Chairman of the Board

E: [email protected]

 

NOMINATED ADVISER:

Philip Secrett, Grant Thornton UK LLP

T: (44) 20 7383 5100

E: [email protected]

 

BROKER:

David Benda / Hugh Jonathan, Numis Securities Limited

T: (44) 20 7260 1000

E: [email protected]

 


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