Report & Financial Stmnts
Cohen(A.) & Co PLC
24 July 2000
A.Cohen & Co plc Report and Financial Statements Year ended 31 December 1999
The Company has today lodged its Report and Financial Statements for the year
ended 31 December 1999 in accordance with its Preliminary Announcement of
3 July 2000 reporting losses of GBP4.6million.
The consequential restructuring as a result of the losses has varied in a number
of respects to those announced on the 3 July 2000 and details are set out below.
The restructuring has progressed and the unconditional sale of 1,100,000
Nonferral Recyclers Ltd shares has been completed for A$286,000 and Nonferral
Recyclers Ltd has ceased to be a subsidiary of A.Cohen & Co plc which after the
above sale holds 49.03% of the fully paid ordinary share capital of Nonferral
Recyclers Ltd.
The further conditional sales of the balance of the shareholding of 16,000,000
shares and 7,950,000 options to subscribe for shares in Nonferral Recyclers Ltd
have been entered into for A$4,160,000 of which a deposit of A$1,000,000 has
been paid by Wilmington Pty Ltd a company associated with me. These sales and
full details thereof will be placed before shareholders of both Nonferral
Recyclers Ltd and A.Cohen & Co plc as soon as possible for approval.
Wilmington Pty Ltd has also purchased the entire syndicated bank debt of A.Cohen
& Co plc and its wholly owned UK subsidiaries.
A.Cohen & Co plc has also sold its residual shareholding of 45% in Silec Pty Ltd
for A$5,873 to Nonferral Securities Pty Ltd a subsidiary of Nonferral
Recyclers Ltd and has received repayment of loans amounting to GBP115,227.
Following completion of the above transactions, Nonferral (UK) Limited, a
wholly owned subsidiary of Nonferral Recyclers Ltd has purchased 160,000 shares
in A.Cohen & co plc at 50p each from the Cohen family concert party. This
holding represents 20.18% of the fully paid, ordinary shares in the A.Cohen & Co
plc.
In addition, nonferral (UK) Ltd has been granted an option by A.Cohen & Co.
plc to subscribe for up to 78,500 ordinary shares in A Cohen & Co. plc at a
price of 50p per share, exercisable until 31-12-2004, subject to shareholder
approval. Upon shareholder approval and subsequent exercise Nonferral (UK)
Limited would have an interest in the ordinary shares of A.Cohen & Co plc of
27.38%.
Following the entry into of the above arrangements Messrs. R.O.Cohen,
S. Redman, and B.R. Weatherill Q.C. have resigned from the Board of Directors
of the Company. Mr R.0. Cohen will remain as trading manager of the group
and Mr S. Redman remains as company secretary and group finance executive.
All enquiries should be addressed to Mr Royce Ritchie on telephone number
020 7470 3456 or 00613 9827 9804.
For and on behalf of the board of A Cohen & Co. plc.
Royce Ritchie,
Executive Chairman
24 July 2000
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