SPHE Spearhead

RNS Number:5936X
Spearhead Limited Inc.
27 January 2006

Stock Exchange Announcement



For immediate release



27th January 2006





                     Spearhead Limited, Inc. ("Spearhead")



                        Re.: Parity Group PLC ("Parity")



Spearhead refers to the announcement made yesterday by Parity in connection with
the notification received from Dominick Company AG ("the Bank") and confirms
that, via its legal relationship with Caltrande Financial Services Ltd. ("
Caltrande"), a special purpose vehicle created to assist Spearhead in its
corporate objectives, it remains interested in 67,438,936 shares in Parity ("the
Parity Shares").



According to a letter dated 25th January 2006 sent to Parity by Richards Butler,
lawyers acting on behalf of the Bank, security over the Parity Shares was given
by virtue of a pledge that was granted to the Bank by one of its customers,
which the Board of Spearhead believes to be Caltrande ("the Pledge"), to secure
the financial facilities made available to that customer through which the
Parity Shares were acquired.



In the announcement made on the RNS of the London Stock Exchange yesterday, the
Bank stated that the Pledge "provides among other things, that in the event of
non-payment of the financial facilities on the agreed date, the Bank, may if it
so chooses, require the (Parity) Shares to be transferred to it.  While
repayment has not occurred, the Bank has not yet taken any decision on whether
to exercise this right."



Pending any such action, and for the avoidance of doubt, Spearhead retains the
voting rights attached to the Parity Shares.



In the view of the Board of Spearhead, Spearhead is not a party to the financial
facilities between the Bank and its customer and therefore considers that the
Bank has no recourse against Spearhead.



Spearhead has a security interest over all of the Parity Shares by virtue of a
separate pledge dated 15th August 2005 granted to Spearhead by Caltrande to
secure the financial facilities made available by Spearhead to Caltrande at the
time of the acquisition of the Parity Shares.



                                     -End-




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

MSCDDLFLQFBLBBD

Spearhead (LSE:SPHE)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Spearhead (LSE:SPHE)
Historical Stock Chart
Von Jun 2023 bis Jun 2024