TIDMPTH

RNS Number : 1087Y

Promethean PLC

24 February 2012

24 February 2012

Promethean plc (the "Company")

Return of Capital, Portfolio Update and Wind-up Vote at 2012 AGM

Promethean plc is pleased to announce a distribution of a capital repayment of 6 pence per ordinary share ("Share"). The distribution will be paid in cash to the shareholders of record at 5pm on 16 March 2012. The ex-date for the capital distribution is 14 March 2012 and the payment date is currently expected to be as soon as practicable after 23 March 2012. The aggregate distribution to be made by the Company to shareholders amounts to GBP2,771,170.

The payment follows the sale of the holding in IFG Group plc and takes the total amount returned to date to continuing shareholders (including carried interest distributions to eligible shareholders) to 94p per GBP1 invested with further realisations to come from the remaining portfolio.

The Manager continues to make progress over the realisation of its current investments and believes that by the end of 2012, the exit processes on the current investments either will be largely completed or there should be clarity as to any remaining realisable values. Consequently, the Board has reached an agreement with the Manager that the Manager will forego its 2013 management fee. The Manager also has agreed to manage any remaining portfolio collections in 2013 without a fee until the end of June 2013.

The Board therefore is able to announce that a resolution will be put to shareholders to approve the winding-up of the Company at the 2012 Annual General Meeting. The Company has agreed to cease to be a member of the LLP effective immediately upon completion of the relevant documentation, however, it will receive its share of the LLP's profit in the LLP's current financial year. Pursuant to the LLP documentation currently in force, the Company would be required to give six months' notice in relation to cessation of membership, however this notice period has been waived.

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Enquiries:

Sir Peter Burt

   Promethean Investments LLP            +44 (0) 207 479 7660

Tom Durie / Gillian Martin

   Fairfax I.S. PLC                                +44 (0) 207 598 5368

This information is provided by RNS

The company news service from the London Stock Exchange

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