Information  X 
Enter a valid email address

Warthog PLC (WHOG)

  Print   

Wednesday 16 November, 2005

Warthog PLC

Further re Disposal

Warthog PLC
16 November 2005


                                  WARTHOG PLC

                      FURTHER RE DISPOSAL OF SUBSIDIARIES

The board of Warthog plc (the 'Company') announces that, following the first
anniversary of completion ('Completion') of the sale of all of the Company's
subsidiaries to Tiger Telematics, Inc ('TGTL') announced on 3 November 2004, it
has now received the cash consideration that was held in escrow until such date.
Under the terms of the sale and purchase agreement TGTL were entitled to set off
any claims arising pursuant to the Sale and Purchase Agreement against the
consideration of 497866 shares of common stock in TGTL (the 'Shares'). No claims
have however been made and Warthog has been entitled to receive the Shares since
4 November 2005, but has not yet received the share certificate. As at today's
date the Shares had a value of $2265290.

As stated in the announcement of 3 November 2004, the Shares can only be traded
in accordance with US securities laws. The Company has been advised that as TGTL
has not filed its quarterly statement for the quarter ending 30 September 2005
the shares are restricted stock and cannot presently be traded. The Company will
be able to trade the Shares on the earlier of TGTL making such quarterly filings
within their time limits and the second anniversary of Completion, when the
Shares cease to be restricted.

At the close of business on 16 November 2005 the company in addition to the
Shares had cash of £202,005.

The board continues actively to monitor the situation and review acquisition
opportunities.

16 November 2005





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

a d v e r t i s e m e n t