23rd May 2005 13:12
This announcement replaces the "Additional Listing" announcement which wasreleased on 23 May at 7.00am. This announcement now shows the correct figures. 23 May, 2005 TEP Exchange Group Plc ("TEP" or "the Company") Additional Listing Issue of ordinary shares to Surrenda-link Limited In December 2002, the Company entered into an agreement, which was approved byshareholders on 13 January 2003, with Surrenda-link Limited ("Surrenda-link"),which is a leading market maker in traded endowment policies and manages otherrelated investments, which resulted in Surrenda-link taking over theoperational management of the TEP Exchange for an initial two year period("Outsourcing Agreement").The directors of TEP who are independent of Surrenda-link have now resolved tomake the final payment due under the Outsourcing Agreement, to be satisfied bythe issue of 32,978,700 new TEP ordinary shares. As a result, Surrenda-linkwill hold 100,671,279 new TEP ordinary shares, equivalent to 44.83 per cent. ofthe enlarged issued share capital of the Company. Surrenda-link, and partiesacting in concert with it, will hold 108,171,279 new TEP ordinary shares,equivalent to 48.17 per cent. of the enlarged issued share capital of theCompany.A new outsourcing agreement with Surrenda-link, for an initial period of threeyears, was announced on 16 December 2004 and sums due under that agreement willbe payable in cash, as set out in that announcement.Application has been made for the new ordinary shares to be admitted to AIM andit is expected that dealings will commence on 27 May, 2005.Enquiries;TEP Exchange Group Plc 07860 743425 George Kynoch 01244 319520 Surrenda-link Limited 020 7628 2200 Paul Sands John East & Partners Limited John East Simon Clements ENDTEP EXCHANGE GROUP PLCRelated Shares:
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