Disposal

RNS Number : 9676P

Cenkos Securities PLC

31 October 2012

 



31 October 2012

Cenkos Securities plc ("Cenkos " or "the Company")

Disposal of remaining 10% shareholding in Cenkos Channel Islands Limited.

Cenkos, the AIM quoted independent specialist institutional securities group focused on UK small / mid-cap companies and investment funds, announced in April 2012 that it had sold a 40 per cent. interest in Cenkos Channel Islands Limited ("CCIL"), a company listed on the Channel Islands Stock Exchange. 4 million ordinary shares in CCIL were sold by Cenkos at £1 per share. Following this disposal, Cenkos retained 1 million shares, representing a 10% holding in the issued share capital of CCIL.

Cenkos is pleased to announce that it has today disposed of this remaining 10% holding in CCIL at a price of 116.95p per share. The total consideration that will be received by the Company is £1,169,500 in cash. The proceeds from the disposal will be held for general working capital purposes, further strengthening Cenkos' balance sheet.

CCIL's unaudited profits before tax for the six months to June 2012 were £0.51 million. CCIL's unaudited net assets as at the end of June 2012 were £3.15 million. Cenkos expects to book a loss on sale of £0.08 million on disposal of this 10% stake.

Following the disposal, Cenkos no longer retains any interest in the issued share capital of CCIL.

Enquiries:

Jim Durkin                                                                                                         020 7397 8900

Chief Executive Officer

Cenkos Securities plc

David Rydell/Duncan Mayall

Pelham Bell Pottinger                                                                                   020 7861 3232

Nick Donald

HSBC (Nomad)                                                                                                 020 7991 1504

 

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