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Teathers Financial (TEA)

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Wednesday 17 June, 2015

Teathers Financial

Part disposal of investment in Jubilee Platinum

RNS Number : 3649Q
Teathers Financial PLC
17 June 2015
 

 

17 June 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

 

Part disposal of investment in Jubilee Platinum Plc ("Jubilee")

 

 

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 16 June 2015 it  disposed of 500,000 ordinary shares of 1p each in the issued share capital of Jubilee ("Ordinary Shares") from its total holding of 1,250,000 Ordinary Shares (which it held as a result of its investment in Jubilee made on 27 May 2015) for £12,750 (before commissions and charges of £153.50) in cash, realising a net profit of £4,596.50 on this sale. Teathers now holds 750,000 Ordinary Shares.

 

AIM traded and AltX listed Jubilee is a mining exploration to metal development company with a focus on platinum group elements and nickel. Through recent acquisitions, Jubilee has added platinum group elements and ferro-alloy smelting and refining to its capability.

 

Further information on Jubilee can be found on its website at www.jubileeplatinum.com.

The audited accounts of Jubilee for the year ended 30 June 2014 show a loss before tax of £5,567,000 (30 June 2013: loss before tax of £7,326,000) on revenues of £4,044,000 (30 June 2013: £4,751,000). As at 30 June 2014 Jubilee had audited net assets of £54,116,000 (30 June 2013: £62,810,000). The unaudited interim accounts of Jubilee for the six month period ended 31 December 2014 show a loss before tax of £1,019,000 (31 December 2013: loss before tax of £1,538,000) on revenues of £2,761,000 (31 December 2013: £2,264,000). As 31 December 2014 Jubilee had unaudited net assets of £53,530,000 (31 December 2013: £55,915,000).

Teathers intends to use the proceeds of the part disposal of its investment in Jubilee 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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