PTH Promethean

TIDMPTH

RNS Number : 0313T

Promethean PLC

07 December 2012

7 December 2012

Promethean PLC ("Promethean" or the "Company")

The Board of Promethean announces that in view of the possibility that the remaining existing assets of the Company may be realised early in 2013, a resolution to cancel the admission of the Company's securities (the "Ordinary Shares") to trading on the AIM Market of the London Stock Exchange at any time during the three month period beginning 31 December 2012 and ending 31 March 2013 (the "Delisting") is being put forward as a Special Resolution which requires the approval of 75% of the shares voted at the Annual General Meeting to be held on 31 December 2012 (the "AGM") in accordance with Rule 41 of the AIM Rules. The notice of AGM together with the Company's Annual Report has today been posted to shareholders.

Once the existing assets are realised the Board will call an extraordinary general meeting for shareholders to consider a special resolution to sell or wind up the Company.

The actual date of cancellation of admission will be notified to the London Stock Exchange at least 20 business days in advance of the intended date of the Delisting.

Shareholders should note that in the event that the Ordinary Shares are delisted, there will be no market facility for dealing in the Ordinary Shares and no price will be publicly quoted for the Ordinary Shares. As such, interests in Ordinary Shares are unlikely to be readily capable of sale and where a buyer is identified, it will be difficult to place a fair value on any such sale. Also, as an unlisted company, the levels of transparency and corporate governance may not be as stringent as a listed company and the AIM Rules would no longer apply to the Company.

The Board intends to continue to include at least one independent non-executive director on the Board for the time being.

Notwithstanding the possible Delisting, the Company will continue to publish annual reports and accounts and hold Annual General Meetings and other general meetings. Where the Board considers it to be in the interests of the Company to do so, it will continue to post certain additional information relating to the Company on its website.

The Board does not currently intend to implement any formal matched bargain settlement facility however the Board will review this decision as appropriate depending on the timescales involved.

Enquiries:

Sir Peter Burt

   Promethean PLC                                      +44 (0) 207 479 7660 

Stuart Gledhill

   S. P. Angel Corporate Finance LLP:        +44 (0)20 3463 2260 

This information is provided by RNS

The company news service from the London Stock Exchange

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