23 Dec 2009 16:45
REPAYMENT OF PREFERENCE SHARES
Midas Capital plc ('Midas'), the AIM quoted company encompassing fund management and wealth management, announces that it has today repaid £2,438,177 of cumulative redeemable Preference shares held by Bank of Scotland plc. Following the repayment there remain £11,561,823 of cumulative redeemable Preference shares in existence.
The repayment has been made from cash resources generated by the sale of Intelli Corporate Finance and from surplus working capital generated by the business.
RELATED PARTY TRANSACTION
Bank of Scotland plc is a substantial shareholder of the Company (as defined in the AIM Rules). The repayment of the redeemable Preference shares held by it is therefore classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, having consulted with the Company's nominated adviser, Arbuthnot Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
Colin Rutherford, Executive Chairman, Midas 07768 053 054
Roland Cross, Broadgate Mainland 020 7726 6111
Richard Vaughan/Matt Stoate, Kinmont 020 7087 9100
(Financial Advisor to Midas)
James Steel, Arbuthnot Securities Limited 020 7012 2000
(Nominated Advisor and Broker to Midas)
Web: www.midascapitalplc.com
Kinmont Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial advisor to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Kinmont or for providing advice in relation to the matters referred to in this announcement.