TIDMLIT 
 
RNS Number : 8671O 
LIT PLC 
16 March 2009 
 
LIT plc 
("LIT" or the "Company") 
 
 
Put options 
 
 
As part of its takeover of The Laxey Investment Trust plc ("TLIT") announced on 
4 July 2008, LIT conditionally granted options to shareholders in The Laxey 
Investment Trust plc enabling them, if such conditions were satisfied, to 
require LIT to purchase all their ordinary shares in LIT at 11.3 pence per share 
during the period of ten weeks commencing on 16 March 2009 and ending on 29 May 
2009 (the "Options").  The Options were conditionally granted to former TLIT 
shareholders pursuant to a deed poll executed on 13 October 2008 (the "Deed 
Poll") in respect of those ordinary shares in LIT which the TLIT shareholders 
were issued with in connection with the acquisition of TLIT. 
 
 
Pursuant to the terms of the Deed Poll, the grant of the Options is subject to 
conditions that the directors of LIT are satisfied the Company has the cash 
resources to enable it to effect such buy back, that the board of LIT remain 
satisfied that the exercise of the Options is to the benefit of the other LIT 
shareholders and that the terms of the grant of Options are fair and reasonable 
to the Company and the other LIT shareholders and that the Company is lawfully 
able to make such purchase. 
 
 
After careful consideration the board of LIT has decided that, in light of 
current market conditions, it is prudent for the Company to preserve cash 
and that the exercise of the Options is not to the benefit of the remaining LIT 
shareholders. As such the conditions relating to the grant of the Options have 
not been satisfied and accordingly the Options are not capable of being 
exercised. 
 
 
However, the LIT board remains committed to the principle of enabling the former 
TLIT shareholders to require LIT to purchase their ordinary shares in LIT and 
the directors of LIT are pleased to confirm that the Company has today executed 
a new deed poll (the "Subsequent Deed Poll") on improved terms compared to the 
existing Deed Poll whereby LIT has conditionally granted new options to the 
former TLIT shareholders enabling them to require LIT to purchase their ordinary 
shares in LIT at 12 pence per share (an increase of 6.2% compared to the initial 
option price of 11.3 pence per share) during the period of ten weeks commencing 
on 14 September 2010 and ending on 20 November 2010. 
 
 
Those former TLIT shareholders who still hold any of the original LIT shares 
they were issued in connection with LIT's acquisition of TLIT will shortly 
receive a copy of the Subsequent Deed Poll. The board of LIT will make a further 
announcement in respect of the options that have been conditionally granted 
under the Subsequent Deed Poll in 2010. 
 
 
For more information, please contact: 
 
 
+-----------------------------------------------+--------------------------+ 
| LIT plc                                       |            01624 690 900 | 
|                                               |                          | 
+-----------------------------------------------+--------------------------+ 
| Alex Paiusco, Chief Executive                 |                          | 
|                                               |                          | 
+-----------------------------------------------+--------------------------+ 
| Mike Haxby, Chief Financial and Risk Officer  |                          | 
|                                               |                          | 
+-----------------------------------------------+--------------------------+ 
| KBC Peel Hunt Ltd, Nominated Adviser and      |            020 7418 8900 | 
| Broker                                        |                          | 
|                                               |                          | 
+-----------------------------------------------+--------------------------+ 
| Guy Wiehahn or Oliver Stratton                |                          | 
+-----------------------------------------------+--------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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