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Promethean PLC (the 'Company')  

2 April 2009

Result of EGM - Tender Offer and Capital Return

Announcement of Dividend

Promethean plc (the 'Company') today announces that the Extraordinary General Meeting ('EGM') of the Company was held yesterday at the registered office of the Company, at which all of the proposed resolutions were duly passed.  

  

Tender Offer

The Company also announces the result of the tender offer which closed on 30 March 2009 (the 'Tender Offer') following shareholder approval at the EGM. A total of 4,813,845 ordinary shares were successfully tendered at a price of 70.5 pence per share and therefore will be repurchased for cancellation by the Company. The Tender Offer absorbed £3.39 million of the £11.5 million of capital (circa 29.5 per cent) allocated for distribution under the Tender Offer. Approximately 9.6 per cent. of the issued share capital will be cancelled as a result. Following completion of the Tender Offer and the cancellation of those shares which have been repurchased, the number of ordinary shares in issue will be 45,186,155.

The consideration for the Tender Offer will be sent to tendering shareholders by 6 April 2009.

Capital Return

The Company also announces that following approval at the EGM, the Company is proceeding with the re-registration of the Company under the Isle of Man Companies Act 2006. Following the approval expected from the Isle of Man authorities shortly, the Board proposes to make a capital repayment of £13.5 million to shareholders on the shareholder register on the date of the re-registration becoming effective (expected to be no later than 14 April 2009). 

The capital return will be circa 29.88 pence per share based on the number of shares in issue following the Tender Offer and the proceeds will be paid to shareholders shortly after the re-registration is effective.

Announcement of Dividend

The Board had allocated £11.5 million to be returned to shareholders via the Tender Offer as announced on 9 March 2009. As the Tender Offer only absorbed approximately 29.5 per cent. of the £11.5 million of capital allocated for distribution under the Tender Offer, the Board believes it is in the best interests of shareholders to distribute the remaining residual cash from the Tender Offer allocation and therefore the Directors intend to declare a dividend of circa 17.94 pence per share following the re-registration of the Company. This dividend will be payable to shareholders on the shareholder register as at the 14 April 2009 following the re-registration of the Company becoming effective and the proceeds will be paid to shareholders shortly thereafter. 

As a result of this dividend, the Company will have successfully returned £25 million to shareholders.  Following the capital return and dividend payment, original shareholders who benefit from the carried interest scheme therefore will have received a total return per share of 55 per cent. of their original investment (circa 47.8 pence per share from the capital return and dividend plus the earlier 7 pence per share carried interest payment). 

Unaudited Pro Forma Net Asset Value

The Company's unaudited pro forma Net Asset Value per share based on the 31 December 2008 Interim Accounts and adjusted for the return of £25 million will be approximately 90 pence per share.

Following the re-registration of the Company and the payment of the dividend, the Directors will continue to liaise with shareholders regarding the future direction of the Company and expect to be able to formalise the outcome of those discussions at the Company's AGM later this year.

Sir Peter Burt, Chairman of Promethean plc said 'Whilst the Board is heartened at the surprisingly low take up of the Tender Offer from shareholders, it recognises the importance of returning the full £25 million to shareholders and is pleased that Promethean plc is in the relatively unusual position of being able to return such a large amount to shareholders at a time when many other listed private equity vehicles are experiencing very difficult times'. 

Enquiries  

  

Sir Peter Burt / Mike Biddulph  

Promethean Investments LLP          +44 (0) 207 479 7660  

  

James King / Gillian McCarthy      +44 (0) 207 598 5368

Fairfax I.S. PLC  

  

This information is provided by RNS the company news service from the London Stock Exchange  

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