28th Oct 2011 16:23
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
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