Update on Press Speculation

 

TIDMCLKH 
 
RNS Number : 7924X 
Moneygate Group Limited 
10 December 2010 
 

                            Moneygate Group Limited 
                         ("Moneygate" or the "Company") 
 
                          Update on Press Speculation 
 
Further to recent press speculation, Moneygate  today confirms that it is in 
talks with The Clarkson Hill Group plc ("Clarkson Hill") (EPIC:CLKH) and over 
the past 3 months has been conducting due diligence on Clarkson Hill, with a 
view to making an offer for its ordinary shares. 
 
However, the directors of Moneygate are aware of Clarkson Hill's recent 
announcement, dated 6 December 2010, pursuant to which Clarkson Hill confirmed 
that its regulatory permissions have been varied and as a result, that Clarkson 
Hill was unable to undertake any regulated activities from 5 pm on 3 December 
2010. The variation of Clarkson Hill's regulatory permissions has meant that 
Moneygate is now reviewing its position. Moneygate has made a number of attempts 
to talk with the directors of Clarkson Hill over the past two weeks in order to 
ascertain the current position but, unfortunately, they have yet to re-engage in 
constructive discussions. 
 
The directors of Moneygate have a great deal of sympathy for advisers, staff and 
clients of Clarkson Hill who they believe will be keen to know what the 
immediate future holds for them. 
 
Moneygate's management are receiving many calls and emails from Clarkson Hill 
advisers seeking information.  Unfortunately, Moneygate is not currently in a 
position to answer these queries other than to confirm that it has made an 
application to the FSA for consent to take a bulk transfer of Clarkson Hill's 
advisers. Any further updates will be provided as appropriate. 
 
For enquiries please contact: 
 
Lee Hartley, Moneygate Group Limited                                   0845 
6050690 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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