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Teathers Financial (TEA)

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Wednesday 27 May, 2015

Teathers Financial

New Investment

RNS Number : 4011O
Teathers Financial PLC
27 May 2015
 

 

27 May 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

New Investment

                

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 made the following investment on 27 May 2015 in accordance with its Investing Policy:

Investment of £50,000 in Challenger Acquisitions Limited ("Challenger")

Teathers has purchased 142,858 ordinary shares of 10p each in the issued share capital of Challenger (representing approximately 1.3 per cent. of the issued share capital of Challenger) at a price of 35p per share.

 

Challenger is a company formed to undertake one or more acquisitions of target companies or businesses in the entertainment and leisure sectors. Challenger was admitted to the standard segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities on 19 February 2015. Trading in the shares of Challenger was suspended on 26 May 2015 pending the publication of a prospectus following the announcement of a proposed investment and the signing of a letter of intent which, if they proceed, individually and collectively constitute a Reverse Takeover under the Listing Rules since, inter alia, in substance they result in a fundamental change in the business of the issuer.

 

Further information on Challenger can be found on its website at www.challengeracquisitions.com.

The audited accounts of Challenger for the period from 24 November 2014 (being its date of incorporation) to 5 December 2014 show a loss before tax of £600 and as at 5 December 2014 Challenger had net assets of £319,401.

Jason Drummond, Executive Chairman of Teathers commented: "Teathers are very happy to have acquired a position in Challenger at a discount to the suspension price from an existing shareholder.  The Board intends to pursue further investments whilst looking to build new relationships with brokers."

 

 

 

For further information please contact:

 

Teathers Financial Plc


Jason Drummond, Executive Chairman

Tel: 0207 148 3008

 

Beaumont Cornish Limited (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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