GFF Griffin Grp.

    RNS Number : 4732J
  Griffin Group PLC
  03 December 2008
   

    GRIFFIN GROUP PLC
    TRANSACTION UPDATE AND ADMISSION DATE

    Further to the announcements of 30 October 2008 and 24 November 2008, the board of Griffin Group plc ("Griffin" or the "Company")
announces that the requisite change of control consent has been received from the Financial Services Authority.

    As mentioned in these previous announcements, the acquisition of Alexander David Securities and the disposal of Griffin Corporate
Finance (together the "Transaction") was subject to this consent being received, and the intention was to complete within five working days
of such approval being granted.

    Unfortunately, the untimely death of Stephen Dean (which was announced on 12 November 2008) has resulted in completion of the
Transaction being delayed. The funds required by Global Investments Limited to complete the Disposal (as defined in the admission document
and announcement dated 30 October 2008) had not been transferred by Mr Dean prior to his death, and until the will has been ratified by the
Swiss courts, the executors do not have the power to complete this transfer. A court hearing is set for 17 December 2008, at which Mr Dean's
will is expected to be ratified, and the appointment of executors should take effect a few days later, and the directors believe that
completion will occur a few days thereafter.

    Shareholders will be kept appraised of developments and of the timetable to completion of the Transaction as soon as further detail is
available.

    For further information please contact:

 Vincent Nicholls               Griffin Group plc               01732 836 180
 Finance Director

 Michael Hicks                  Alexander David Holdings Ltd    020 7448 9800
 Chairman

 James Caithie/Simon Sacerdoti  Dowgate Capital Advisers Ltd    020 7492 4777
 Nominated Adviser

 David Scott                    Alexander David Securities Ltd  020 7448 9800
 Broker


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