RNS Number : 0687A
Neos Resources PLC
26 March 2012
NEOS Resources plc ("NEOS" or the "Company")
Relocation of London offices
The Directors announce that NEOS has entered into a rental agreement today to relocate its London offices to 22 Arlington Street, London SW1A 1RD to consolidate its London operations in one office.
NEOS has entered into an agreement to share these premises with PCO Real Estate Management Limited and Principle Capital Advisors Limited (the "Principle Companies"), who are joint tenants of the space. The Directors consider that this agreement constitutes a related party transaction by virtue of the relationship of these companies with Principle Capital Investments Limited, a substantial shareholder of NEOS.
Under the agreement, which is terminable by NEOS on four months notice at any time after 10 January 2013, NEOS has agreed with the Principle Companies to bear the proportion of the annual costs of occupying 22 Arlington Street equal to the proportion of the offices' square footage that it will occupy. The Directors anticipate that the costs relating to this area will amount to approximately £50,000 per annum, which are similar to the costs being paid at the current office, together with fit out costs of approximately £2,000.
In accordance with AIM Rule 13, the Directors consider, having consulted with WH Ireland Limited, NEOS' nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
NEOS Resources plc
Steven Rudofsky +44 (0) 20 7499 5626
Chris Fielding +44 (0) 20 7220 0470
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