Eight Peaks Group PLC Investee Company Update (4744D)

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RNS Number : 4744D

Eight Peaks Group PLC

09 October 2018

9 October 2018

Eight Peaks Group PLC (the "Company")

Investee Company Update

Further to the announcement made on 23 April 2018 and also included in the Company's Annual Report and Accounts for the year ended 31 March 2018, the Company clarifies the status of its investee company's regulatory authorities. IBS, the operating subsidiary of IBS Corporation, has been registered as a New Zealand building society under the Building Societies Act 1965 ("Act") by the Registrar of Building Societies in New Zealand. As such, IBS has the authorities to carry out the activities specified in the Act subject to the provisions of the Act and any other applicable legislation and regulation as discussed further below.

IBS does not intend to undertake activities for retail investors nor act as a non-bank deposit taker. Consequently, IBS is not required to be licenced by the New Zealand Financial Markets Authority, nor is it subject to Prudential Regulation by the Reserve Bank of New Zealand.

IBS is not currently registered as a financial services provider under the Financial Service Providers (Resolution and Dispute Resolution) Act 2008. IBS expects that it will be required to register before undertaking any activities and is currently taking advice on this matter

As IBS develops its business, it will review and take advice as appropriate in respect of compliance with relevant regulations, and where its conduct or activities require, it will obtain any necessary licences and/or registrations.

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                                                                020 8201 
 Eight Peaks Group PLC           Zafar Karim / Thomas Reuner     3536 
 Nominated Adviser 
 Grant Thornton UK LLP           Colin Aaronson / Harrison      020 7383 
  Broker                          Clarke / Seamus Fricker        5100 
 S.P. Angel Corporate Finance    Richard Parlons / Richard      020 3470 
  LLP                             Morrison                       0470 
 

About Eight Peaks Group PLC

Eight Peaks Group PLC focuses on assisting companies and making investments which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Eight Peaks takes stakes in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.

http://8pg.co

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(END) Dow Jones Newswires

October 09, 2018 11:47 ET (15:47 GMT)