Syndicate Asset Mgt: RBS Update | Company Announcements

Wednesday 23 September, 2009

Syndicate Asset Mgt

RBS Update


For immediate release:

                        Syndicate Asset Management Plc                         

                                                                               
                  ("Syndicate", the "Company" or the "Group")                  

                                  RBS Update                                   

The Board notes the recent share price movements and press comment and confirms
it is in discussions with its advisers, major existing shareholders and the
Company's principal bankers, Royal Bank of Scotland ("RBS"), regarding a
potential fund raising. It is currently envisaged that any such fund raising
would be carried out at a significant discount to the current market price and
would contain a pre emptive element. In the Company's announcement of 31 July
2009, it was stated that the Company was required to repay £3.3 million to RBS
on or before 23 September 2009. As a result of these potential funding
discussions RBS has conditionally agreed to waive the 23 September 2009
deadline for the repayment.   The Directors expect to make a further
announcement regarding these discussions shortly.

Further information:

Syndicate Asset Management plc

Jonathan Freeman (Group CEO) Tel: 020 7659 8060

Cenkos Securities

Stephen Keys Tel: 020 7397 8900

GTH Communications

Toby Hall/Christian Pickel Tel: 020 7153 8039/8036

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