Further update
15 Gennaio 2009 - 8:00AM
UK Regulatory
TIDMGNE
RNS Number : 6623L
GNE Group PLC
15 January 2009
Embargoed for 7.00am 15 January 2009
GNE Group plc
("GNE" or "the Group")
Further update
Further to the announcement by the Company on 15 December 2008, the Directors
wish to provide an update regarding the proposed new strategy to be adopted by
the Company, a buyback of its ordinary shares and the circular to shareholders
currently being prepared (the "Circular").
The Company is still formalising a proposed structure for the Company but
intends, subject to Shareholder approval of the investment strategy, to invest
in small cap companies in technology sectors which the board believe are
undervalued, distressed or operationally under-performing. In order to achieve
a more tax efficient structure it is intended that in the future the Company
will become an investment trust company and will seek a listing on the main
market of the London Stock Exchange.
As a result of the change in strategy it is likely that the Company will seek to
change its name and it is intended that the board will be restructured
accordingly.Furthermore, discussions have begun with HMRC regarding the
Substantial Shareholder Exemption tax clearance and, as previously announced,
the Company is reviewing the future strategy for the retained businesses, which
may or may not lead to a disposal of some or all of the retained operating
businesses in due course. In addition, the Company is exploring the possibility
of taking out an insurance policy to mitigate any potential exposure to
environmental claims resulting from its previous petrol retailing operations.
The Company hopes to be in a position to update the market on these matters in
due course
Prior to the Circular being distributed, the Company is intending to purchase up
to 450,000 ordinary shares in the market under its current buyback authorisation
up to a maximum price of 105 per cent. of the average of the middle market
closing prices for an ordinary share in the Company for the five business days
immediately preceding the day on which the ordinary share is purchased. This
buyback will commence as soon as practicable.
In addition the Circular will, amongst other matters, seek the approval of
shareholders for a waiver of the obligation under Rule 9 of the City Code on
Takeovers and Mergers to enable the Company to buyback in the market up to 15
per cent. of its issued authorised share capital. It is intended that up to 5
per cent of such authorisation will be used to provide liquidity for small
shareholders
The Circular, currently being prepared, will contain further detail on all the
above matters and it is intended to be sent to shareholders no later than 28
February 2009.
- Ends -
For further information:
+------------------------------------------+----------------------------+
| GNE Group plc | |
+------------------------------------------+----------------------------+
| David Port, Chairman | Tel: +44 (0) 870 241 0454 |
+------------------------------------------+----------------------------+
| | www.gnegroup.co.uk |
+------------------------------------------+----------------------------+
+------------------------------------------+----------------------------+
| Seymour Pierce | |
+------------------------------------------+----------------------------+
| Richard Feigen / Sarah Jacobs | Tel: +44 (0) 20 7107 8000 |
+------------------------------------------+----------------------------+
| | www.seymourpierce.com |
+------------------------------------------+----------------------------+
Media enquiries:
+------------------------------------------+----------------------------+
| Abchurch Communications Limited | |
+------------------------------------------+----------------------------+
| Henry Harrison-Topham / Ariane Comstive | Tel: +44 (0) 20 7398 7700 |
| / Monique Tsang | |
+------------------------------------------+----------------------------+
| henry.ht@abchurch-group.com | www.abchurch-group.com |
+------------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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