RNS Number : 5514J
Promethean PLC
05 December 2008
Promethean plc (the 'Company')
For immediate release
5th December 2008
Promethean partially refinances its investment in Intermediactive Group ('Intermediactive')
The Board of Promethean PLC is pleased to announce that Promethean Investments Fund LP ('Promethean Fund'), the investment fund of which the Company is the primary investor, has received £7.49 million as part of the recent refinancing of its portfolio investment, Intermediactive. Intermediactive has repaid the majority of the Promethean Fund's unsecured loan notes and accrued interest utilising a senior debt facility arranged with Intermediactive's bankers.
The effect of this transaction is to increase the cash balances of the Company by £7.49 million. Due to negative movements in the valuation of a number of other investments in the Promethean Fund's portfolio, the Directors do not believe that the refinancing of the Intermediactive loan notes will materially change the last reported unaudited pro forma net asset value per share of 129 pence, as reported in the post balance sheet event section of the latest report and accounts released to shareholders in November 2008.
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For further information please contact:
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Mike Biddulph
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Promethean Investments LLP
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+44 (0) 20 7479 7664
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James King / Gillian McCarthy
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Fairfax I.S. PLC
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+44 (0) 20 7598 5368
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Other corporate information can be found at: http://www.prometheanplc.com
Promethean Investments LLP is authorised and regulated by the Financial Services Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
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