11th May 2006 16:03
Frenkel Topping Group PLC11 May 2006 Frenkel Topping Group plc (the "Company") The Company announces that it has offered to buy back shares representingapproximately 14.3% of the issued share capital of Frenkel Topping Limited (FTL)and Frenkel Topping Structured Settlements Limited (FTSSL) in exchange for newordinary shares of 0.5p each in the share capital of the Company ("New OrdinaryShares"). If the offer is accepted in full, the consideration will amount to£1,964,000, to be satisfied by the issue by the Company of 8,183,333 NewOrdinary Shares at an issue price of 24p per share, representing 15.2% of theenlarged share capital following the issue of the New Ordinary Shares. The NewOrdinary Shares will be subject to a lock-in for a period of one year. If accepted in full, the Company would increase its holdings in the issued sharecapital of FTL and FTSSL from approximately 67% to approximately 81%. For thefinancial year ended 31st December 2005, FTL made an operating profit of£237,124 on turnover of £1,948,501 and FTSSL recorded an operating loss of£720,894 on turnover of £354,805. FTL is an independent financial adviser specialising in the investment ofpersonal injury awards. FTSSL specialises in the design and use of structuredsettlements to personal injury litigation now known as Periodical Paymentsfollowing the introduction of the Courts Act on the 1st April 2005. The offer will remain open for acceptance until the close of business on Friday,2 June 2006. A further announcement will be made following the closing date. For further information, please contact: Frenkel Topping Group plcRichard Fraser (Chief Executive) Tel: 0161 886 8000 W.H. Ireland LimitedD.W. Youngman Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Frenkel Topping