Valiant Investments Plc - Investment in JLI Europe Ltd
14 April 2009
The board of Valiant Investments Plc ("Valiant" or "the Company") is pleased to
announce that it has acquired a 40% equity interest in JLI Europe Ltd ("JLI")
for £5,000. JLI is a specialist IT recruitment company that is based in
Newcastle and currently has three full time employees, comprising two
recruitment consultants and a secretary.
Valiant has in addition agreed to provide JLI with a non-interest bearing loan
of £30,000 to assist with its short-term working capital requirements, of which
£25,000 has been loaned to date. It is intended that the loan will be repaid
when JLI's financial position improves.
The draft accounts to June 2008 show that JLI had a turnover of £166,000 and
had made a loss of £46,000.
CONRAD WINDHAM, CHIEF EXECUTIVE OFFICER, SAID:
"There is no denying that we are operating in some of the most difficult
conditions for employment witnessed in recent years, which has made recruitment
a tough sector in which to operate. JLI is no exception. However, I believe
that the opportunity to acquire a 40% interest in JLI represents a good
risk-reward situation for Valiant, and am optimistic as to the future for JLI
and our investment. We are working closely with JLI to ensure that the business
operates under fixed costs appropriate to the current economic climate."
The Directors of the Issuer accept responsibility for this announcement.
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VALIANT INVESTMENTS PLC
Telephone: 020 7803 0607
Ruegg & Co Ltd
Telephone: 020 7584 3663