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Teathers Financial (TEA)

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Wednesday 20 May, 2015

Teathers Financial

Disposal

RNS Number : 7072N
Teathers Financial PLC
20 May 2015
 

 

20 May 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

 

Disposal of investment in Xtract Resources Plc

 

Teathers, the AIM quoted Investing Company with an Investing Policy to invest in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares in the market and unquoted companies, joint ventures or projects which the Board believes will be seeking a quotation on AIM within 12 to 18 months of such investment, is pleased to announce that it has disposed of its entire investment in Xtract Resources Plc ("Xtract") of 20,000,000 ordinary shares of 1p each, which was made on 8 May 2015, for £72,371(net of commissions and charges of £860) in cash, realising a 44.7 per cent. profit (£22,371) on its original investment.

 

Xtract is a gold and copper exploration and development company with projects in Chile and South Africa. The audited accounts of Xtract for the year ended 31 December 2013 show net losses of £128,000 (2012: loss of £7,592,000) and net assets of £2,267,000 (2012: £1,372,000). Xtract's unaudited interim results for the six month period to 30 June 2014 show net losses of £1,009,000 (unaudited six month period to 30 June 2013: profit of £9,000) on turnover of £636,000 (unaudited six month period to 30 June 2013: £nil) and net assets of £3,275,000 (unaudited six month period to 30 June 2013: £1,259,000).

 

Teathers intends to use the proceeds of the disposal of its investment in Xtract for general working capital purposes to further its Investing Policy.

 

Jason Drummond, Chairman commented: "Teathers is pleased to have now made two investments which have been sold at a profit since becoming an Investing Company and looks forward to updating Shareholders on further activity in due course."

 

For further information please contact:

 

Teathers Financial Plc

 

Jason Drummond, Executive Chairman

Tel: 0207 148 3008

 

Beaumont Cornish (Nominated Adviser & Joint Broker)

 

Roland Cornish / Emily Staples

Tel: 0207 628 3396

 

 

Peterhouse Corporate Finance (Joint Broker)

 

Lucy Williams / Duncan Vasey 

 

Tel: 020 7469 0936

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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