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Response to Press Comment

28th Oct 2011 16:23

RNS Number : 0883R
Enigmatic Investments Limited
28 October 2011
 



ENIGMATIC INVESTMENTS LIMITED

 

Response to Press Comment

 

The Board of Enigmatic Investments Limited ("Enigmatic Investments") notes the press commentary regarding the bid for Clarity Commerce Solutions PLC ("Clarity") contained within Companies & Markets (Page 3 of the Companies & Markets section, Small Talk) yesterday and would like to draw attention to fundamental factual errors contained within the article and the corresponding "Clarification" contained within today's Financial Times (Page 12 Letters, Clarification).

 

Some of the assumptions and calculations drawn within the original article are misleading and inaccurate.

 

Enigmatic Investments currently owns 4,595,501 ordinary shares in Clarity equalling 11.09 per cent. of the voting rights in the company.

 

The statement that a pre-tax profit of £1.4 million would equate to earnings of more than 5 pence a share is incorrect. In fact a profit after tax of £1.4 million (i.e. assuming no tax charge) would equate to earnings of 3.38 pence a share, or 2.53 pence a share after a 25% tax rate is applied (for illustrative purposes).

 

Furthermore, whilst Enigmatic Investments is aware that the reference to a pre tax profit of £1.4m was one of opinion expressed by the journalist, Enigmatic wishes to draw attention to the fact that in the most recent financial period ended 31 March 2011, Clarity reported a loss before taxation of £1.435m.

 

Enigmatic Investments announced on 20 October that its cash Offer of 23 pence per Clarity Share, which remains subject to the terms and the condition set out or referred to in the Offer Document posted to Clarity shareholders on 28 September 2011, has been extended to, and will remain open for acceptance until, 1.00pm on 2 November 2011 (the "Second Closing Date").

 

Unless expressly defined in this announcement, defined terms used in this announcement shall have the same meanings as set out in the Offer Document. Nothing within this announcement is intended to constitute a forecast of any kind in relation to the future financial performance of Clarity.

 

Enquiries:

 

Enigmatic Investments Limited Telephone: +44 (0) 1481 716000

Laurence McNairn

Mark Huntley

 

finnCap Telephone: +44 (0) 20 7220 0500

(Financial adviser and

corporate broker to Enigmatic Investments) Marc Young or Ed Frisby

 

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