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Teathers Financial (TEA)

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Wednesday 17 June, 2015

Teathers Financial

Disposal of Investment in Northcote Energy Plc

RNS Number : 4238Q
Teathers Financial PLC
17 June 2015
 

 

17 June 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

 

Disposal of investment in Northcote Energy 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 on 9 June 2015 it  disposed of its entire investment in AIM traded Northcote Energy plc ("NCT") of 31,111,111 ordinary shares of nil par value in the capital of NCT, which was made on 1 May 2015, for £70,000. Teathers was not charged any commission on this disposal so broke even on its original investment.

 

NCT is an AIM traded energy company with a portfolio of US exploration and production assets in Louisiana and Oklahoma and new business opportunities in the US, Mexico and Indonesia. The audited accounts of NCT for the year ended 31 December 2013 show a loss before tax of US$3,755,000 on revenue of US$989,000 and net assets of US$8,048,000. The unaudited results for the 6 months ended 30 June 2014 show a loss before tax of US$1,791,000 (unaudited loss before tax for 6 month period to 30 June 2013: UD$2,183,000) on revenues of $US783,000 (unaudited revenues for 6 month period to 30 June 2013: US$360,000) and net assets of US$6,343,000 (unaudited net assets to 30 June 2013:US$6,375,000).

Further details on NCT can be found on its website at www.northcoteenergy.com

 

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

 

 

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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