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Teathers Financial (TEA)

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Tuesday 16 June, 2015

Teathers Financial

New Investment - EMED Mining Public Limited

RNS Number : 2846Q
Teathers Financial PLC
16 June 2015
 

 

16 June 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

Investment in EMED Mining Public Limited

                     

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 16 June 2015 in accordance with its Investing Policy:

Investment of £50,000 in cash in EMED Mining Public Limited ("EMED")

On 28 May 2015 EMED announced, inter alia, a proposed subscription, placing and open offer of up to 1,366,203,821 new ordinary shares of 0.25p each in the capital of EMED ("Ordinary Shares") at 4.75 pence per share ("Fundraising"). Conditional, inter alia, on completion of the Fundraising and admission to trading on AIM, Teathers has purchased 1,052,630 Ordinary Shares via a broker which participated in the Fundraising (representing approximately 0.1 per cent. of the enlarged issued share capital of EMED, assuming full participation under the Fundraising) at a price of 4.75p per share.  Teathers will be charged commission by its broker of 2.5 per cent..

 

EMED is a Europe-based minerals development and exploration company with an initial focus on copper.  Further information on EMED can be found on its website at www.emed-mining.com.

 

The audited accounts of EMED for the year ended 31 December 2014 show a loss before tax of €11.23 million (31 December 2013: loss before tax of €12.51 million) on revenues of zero (31 December 2013: zero). As at 31 December 2013 EMED had audited net assets of €56.93 million.

 

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 EMED 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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