Promethean PLC Exercise of January Loan Services Limited option (2919E)

TIDMPTH

RNS Number : 2919E

Promethean PLC

09 May 2013

9 May 2013

Promethean plc

Promethean plc (the "Company" or the "Group") announces that the management of January Loan Services Limited ("JLSL") have exercised their option to acquire Promethean's stake in JLSL for the previously agreed amount of GBP625,000.

Further to the option exercise, Promethean has been granted an option to acquire up to 6% of JLSL (or 20% of Promethean's historic holding) at the same value that JLSL acquired Promethean's holding. While Promethean is restricted from making further investments it is investigating, in consultation with the Board of JLSL, available alternatives for utilising this option to the benefit of shareholders.

Such alternatives may include offering certain qualifying Promethean shareholders the option of a direct investment in JLSL through subscription to a private share placement by JLSL. Promethean shareholders potentially interested in participating in an investment in JLSL should register their initial interest with Promethean's NOMAD (contact details below) within 4 weeks of the date of this announcement.

Promethean PLC now has one remaining asset in the form of the loan notes and shares in TIS Group. Further to the update provided in the Company's interim results, the Board remains in constructive discussions in relation to the position of its investment in TIS Group and expects to be able to issue an update to the market by 30 June 2013.

Further enquiries:

Sir Peter Burt

   Promethean PLC                                      [phone] 

Stuart Gledhill

   S. P. Angel Corporate Finance LLP:        [phone] 

Other corporate information can be found at: http://www.prometheanplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

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