RAM Ram Active

 

TIDMRAM 
 
RNS Number : 8027W 
RAM Investment Group PLC 
04 August 2009 
 

FOR IMMEDIATE RELEASE 4 August 2009 
 
 
 
 
RAM INVESTMENT GROUP PLC 
("RAM" or the "Company") 
 
 
RAM INVESTMENT GROUP PLC COMPLETES INVESTMENT IN GAMING TECHNOLOGY SOLUTIONS PLC 
AND COMMENTS ON RAM MEDIA'S GREEK LITIGATION CASE 
 
 
 
 
SHARE SWAP 
 
 
The board of RAM Investment Group Plc ("RAM") announces that, today, it has 
completed the purchase of an investment holding in Gaming Technology Solutions 
Plc ("GTS"). 
 
 
The Company has purchased 217,392 ordinary shares in GTS at a price of 40p per 
share in consideration for the issue of 869,569 new Ordinary Shares in RAM at a 
price of 10p per share. This increases RAM's percentage holding in GTS to 1.63%. 
 
 
This will have the effect of increasing the Current Asset investments held by 
RAM by GBP86,956.80. 
 
 
Application has been made for the 869,569 new Ordinary Shares, which will rank 
pari passu with the existing Ordinary Shares, to be admitted to AIM and trading 
is expected to commence on 10 August 2009. 
 
 
 
GREEK LITIGATION CASE 
 
 
We note the recent comment made by Parallel Media Group Plc ("PMG") in their 
interim results for 30 June 2009 "I am pleased to update you on the ongoing case 
of RAM Media Limited (in administration) vs The Greek Ministry of Culture, which 
I have mentioned in past reports. The High Court in London has made an award in 
favour of RAM Media Limited and is holding hearings with regards to cost. PMG is 
RAM Media's largest creditor with a claim of GBP0.75m and it would presently 
appear that we should receive a substantial proportion of our claim by early 
2010". 
 
 
We are aware of the award by the High Court and the inflow of cash to the joint 
liquidators of RAM Media Limited (BDO Stoy Hayward LLP). We also believe that 
the joint liquidators will be in a position in the last quarter of 2009 to 
adjudicate the claims of creditors and shareholders, provided that the Court 
hearings on costs have been concluded by then. 
 
 
Once the adjudication process in the liquidation commences, BDO as liquidator 
will carefully consider all the evidence available in respect of each claim. 
 
 
 
 
 
 
 
 
BACKGROUND 
 
 
The award of EUR2.8m was made earlier this year but the Greek Government failed to 
pay and enforcement has been carried out to claim the monies. This has proved 
effective. 
 
 
RAM Investment Group is a beneficiary as a creditor in its own right and 
benefits from any excess not paid out to the creditors as a 100% shareholder of 
RAM Media Limited. 
 
 
 
 
For further information please call: 
 
 
Tim Baldwin   RAM investment Group plc 020 7518 4337 
 
 
Roland Cornish Beaumont Cornish Limited 0207 628 3396 
 
 
Monisha Varadan    Rivington Street Corporate Finance Limited     0207 562 3389 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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