Re Promethean PLC (6284M)

TIDMCAMB TIDMPTH

RNS Number : 6284M

Cambria Automobiles Plc

18 August 2011

Cambria Automobiles plc

("Cambria" or "Company")

Re Promethean Plc

The Board of Cambria notes the regulatory news announcement made today by Promethean Plc ("Promethean").

Promethean has an interest in 33,321,234 ordinary shares of the Company, representing 33.32% of the issued ordinary share capital which is managed through Promethean Investments LLP ("the Manager").

Sir Peter Burt, Chairman of Promethean, is a Non-executive Director of Cambria and Michael Burt, who is connected with Promethean, is a Non-executive Director of Cambria.

The Promethean announcement states the following material information in respect of Cambria:

Promethean and the Manager confirm that they are continuing to use their best efforts to:

-- procure the divestment of the Fund's remaining quoted investments and distribution of the realisation proceeds to shareholders by 31 December 2011;

-- work together to seek Cambria's consent to enable the Company to exit (in whole or in part) its investment in Cambria prior to the expiration of the lock-in agreement. The Company thereafter would return the proceeds of such exit to the Company's shareholders either in cash or in specie.

Pursuant to the terms of Cambria's admission to AIM, the Cambria shares are "locked-in" until 30 June 2012 and Cambria's consent is required to change the lock-in terms. The Manager has initiated discussions with Cambria about an early release of an amount of Cambria shares to the market to increase liquidity and to satisfy demand.

The Promethean announcement states that "The Manager will continue its discussions with Cambria with a view to reaching a mutually beneficial agreement to exit from the lock-in (in whole or in part) as soon as practicable. As Cambria is an AIM-listed company, there are a number of constraints with regards to disclosing the content of such discussions and therefore it is important that such discussions are handled in the appropriate manner."

The Board of Cambria has entered into discussions with Promethean regarding the share lock-ins referred to above. However, no decision has been made by Cambria as to whether or not to release Promethean from the share lock-ins. Furthermore, to avoid any conflict of interest arising, Sir Peter Burt and Michael Burt have agreed not to participate in any discussions or decision of the Board of Cambria regarding the share lock-ins.

A further announcement regarding the share lock-ins will be made in due course.

For further information please contact:

 
 Cambria Automobiles plc 
  Mark Lavery, CEO                 01793 414200 
  James Mullins, CFO                www.cambriaautomobilesplc.co.uk 
--------------------------------  --------------------------------- 
 Fairfax I.S. PLC 
  Nominated Adviser and Broker 
  Ewan Leggat / Katy Birkin        0207 598 5368 
--------------------------------  --------------------------------- 
 Kreab Gavin Anderson 
  Financial PR 
  Robert Speed / Natalie Biasin    020 7074 1800 
--------------------------------  ---------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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