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Teathers Financial (TEA)

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Monday 08 June, 2015

Teathers Financial

Investment in San Leon Energy Plc

RNS Number : 4405P
Teathers Financial PLC
08 June 2015
 

 

8 June 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

Investment in San Leon 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 it has made the following investment on 5 June 2015 in accordance with its Investing Policy:

Investment of £50,000 in cash in San Leon Energy Plc ("SLE")

On 1 June 2015 SLE announced a proposed conditional placing and share capital reorganisation. Conditional on approval of the shareholders of SLE to, inter alia, the share capital reorganisation consisting of a subdivision and consolidation of the existing issued ordinary shares in SLE and the granting of a Rule 9 Waiver by the Irish Takeover Panel, Teathers has purchased 62,500 ordinary shares of €0.01 each in the issued share capital of SLE (as it will be following the proposed capital reorganisation) (representing approximately 0.1 per cent. of the enlarged issued share capital of SLE) at a price of 80p per share.

 

SLE is an AIM traded company focused on oil and gas exploration in Europe and North Africa. Further information on SLE can be found on its website at www.sanleonenergy.com.

 

The audited accounts of SLE for the year ended 31 December 2013 show a loss before tax of €13,681,662 on continuing operations (31 December 2012: profit before tax of €72,339 on continuing operations) on revenues of €3,013 (31 December 2012: €333,146). As at 31 December 2013 SLE had audited net assets of €284,446,686. The unaudited interim accounts of SLE for the six month period ended 30 June 2014 show a loss before tax of €6,803,249 on continuing operations (30 June 2013: re-presented (as if the operations discontinued during the current period had been discontinued from the start of the comparative period) profit before tax of €1,034,382 on continuing operations) on revenues of €2,196 (re-presented 30 June 2013: €1,720). As 30 June 2014 SLE had unaudited net assets of €279,931,588 (30 June 2013: €269,757,388).

 

Jason Drummond, Executive Chairman of Teathers, commented: "We are delighted to make another investment in line with our Investing Policy and look forward to providing further updates to Shareholders in due course.  We are now looking to build up our portfolio with longer term investments and we believe our investment in SLE fits this criterion."

 

 

 

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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