Promethean PLC Update re. Offer and Proposed Transaction (4099M)

TIDMPTH

RNS Number : 4099M

Promethean PLC

16 July 2014

16 July 2014

Promethean plc

("Promethean" or the "Company")

Update re. Offer and Proposed Transaction

The Board of Promethean plc announces that further to the closing of the Offer at 5.00 p.m. on 15 July 2014, the Minimum Acceptance Level has not been reached.

Completion of the Offer and the Proposed Transaction were subject, amongst other things, to the receipt of acceptances from PATF Participating Shareholders holding PATF Participating Shares representing In Specie Assets valued at a minimum of GBP40 million. This level of acceptances has not been reached. Therefore the Offer has lapsed and the Proposed Transaction will not go ahead.

In light of the above, the Board intends to consult with the Company's major shareholders in relation to alternative courses of action and the options available to the Company. The TIS Group has been trading ahead of the Board's expectations since publication of the prospectus on 2 May 2014. Further announcements will be made in due course.

Unless defined herein, capitalised terms used in this announcement shall have the meaning attributed to them in the prospectus published on 2 May 2014.

Enquiries:

SP Angel Corporate Finance LLP:

[phone]

Stuart Gledhill

Jeff Keating

Laura Harrison

This information is provided by RNS

The company news service from the London Stock Exchange

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