06 July 2007
Immediate Release 6 July 2007
PenMc plc ('PenMc' or the 'Company')
Update on prior year disposal
PenMc announces that on 4 July 2007 it received payment of £290,000 in respect
of further consideration resulting from the sale of the Benson McGarvey business
recorded in the accounts for the year ended 31 August 2003. Due to uncertainties
over its recovery, this asset was only recognised as a contingent asset in the
accounts for the year ended 31 August 2006 and its receipt therefore represents
a significant step forward for the Company.
At the Annual General Meeting of the Company held on 27 March 2007, it was
announced that the Investment Strategy of the Company had not been fulfilled. As
a result, the shares of the Company have been suspended for 6 months as of 2
April 2007 and in the event that the strategy is still unfulfilled, the
Company's listing on AIM will be cancelled on 3 October 2007.
Following the cash inflow of £290,000, the Directors will now endeavour to
implement the Investment Strategy and make a proposal to shareholders although
it may be difficult to achieve this prior to 3 October 2007.
-- Ends --
Stuart Mollekin 07802 391 404
Zeus Capital 0161 831 1512
This information is provided by RNS
The company news service from the London Stock Exchange