Correction : Additional Listing
23 Mai 2005 - 4:12PM
UK Regulatory
This announcement replaces the "Additional Listing" announcement which was
released on 23 May at 7.00am. This announcement now shows the correct figures.
23 May, 2005
TEP Exchange Group Plc ("TEP" or "the Company")
Additional Listing
Issue of ordinary shares to Surrenda-link Limited
In December 2002, the Company entered into an agreement, which was approved by
shareholders on 13 January 2003, with Surrenda-link Limited ("Surrenda-link"),
which is a leading market maker in traded endowment policies and manages other
related investments, which resulted in Surrenda-link taking over the
operational management of the TEP Exchange for an initial two year period
("Outsourcing Agreement").
The directors of TEP who are independent of Surrenda-link have now resolved to
make the final payment due under the Outsourcing Agreement, to be satisfied by
the issue of 32,978,700 new TEP ordinary shares. As a result, Surrenda-link
will hold 100,671,279 new TEP ordinary shares, equivalent to 44.83 per cent. of
the enlarged issued share capital of the Company. Surrenda-link, and parties
acting in concert with it, will hold 108,171,279 new TEP ordinary shares,
equivalent to 48.17 per cent. of the enlarged issued share capital of the
Company.
A new outsourcing agreement with Surrenda-link, for an initial period of three
years, was announced on 16 December 2004 and sums due under that agreement will
be payable in cash, as set out in that announcement.
Application has been made for the new ordinary shares to be admitted to AIM and
it is expected that dealings will commence on 27 May, 2005.
Enquiries;
TEP Exchange Group Plc 07860 743425
George Kynoch 01244 319520
Surrenda-link Limited 020 7628 2200
Paul Sands
John East & Partners Limited
John East
Simon Clements
END
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