TIME Time Finance Plc

 

TIDMTIME 
 
RNS Number : 4092L 
Timestrip PLC 
06 May 2010 
 

6 May 2010 
                  Timestrip PLC ('Timestrip' or 'the Company') 
                              Posting of Circular 
 
 
The Board announces that the Company has today posted a Circular to shareholders 
setting out proposals to:- 
 
 (1) Dispose of its trading subsidiaries for up to GBP225,000 comprising the 
initial consideration of GBP160,000 in cash and deferred consideration of up to 
GBP65,000.  Pirtsemit Limited the proposed acquirer is a company in which the 
directors, with the exception of Jonathan Steinberg, have an interest.  The 
disposal is classified as:- 
-     a related party transaction pursuant to AIM Rule 13; 
-     substantial property transaction pursuant to section 190 of the Companies 
Act; and 
-     a fundamental change of business for the purpose of AIM Rule 15. 
 
 (2) Adopt an investment policy and be classified as an Investing Company 
pursuant to the AIM rules.  Details of the investment policy are set out below; 
 
 (3) Change the Company's name to Mungo Trading plc; and 
 
 (4) Appoint Mark Nelson-Smith to the Board of the Company. 
 
A General Meeting of the Company has been convened for Tuesday 1 June 2010 at 
10:00 am. 
 
In the event that the resolutions are passed at the general meeting the Company 
will seek for the suspension from trading of the Company's shares to be lifted 
and trading in the Company's shares would resume. 
 
Proposed Investment Policy 
 
The Company intends to undertake a transaction or a series of transactions that 
will constitute a reverse takeover in accordance with the AIM Rules.  The 
Company will seek to acquire or invest in companies in the general engineering 
or industrial products sector within the United Kingdom or Europe. 
 
The directors believe that their broad collective experience together with their 
extensive network of contacts will assist them in the identification, evaluation 
and funding of suitable investment opportunities. When necessary, other external 
professionals will be engaged to assist in the due diligence of prospective 
opportunities. The directors will also consider appointing additional directors 
with relevant experience if the need arises. 
 
The Company may be either a passive or active investor and will typically seek 
to acquire majority interests in businesses. The directors anticipate that the 
management of any investment will have the expertise necessary to operate and 
develop the business. The Company may provide strategic direction to businesses. 
 
The Company will generate revenue by receiving dividends from its investee 
companies.  Investments will be held for the long term. 
 
The directors intend to pursue a conservative borrowing strategy. 
 
The objective of the directors is to generate capital appreciation and any 
income generated by the Company will be applied to cover costs or will be added 
to the funds available to further implement the investment policy. In view of 
this, it is unlikely that the directors will recommend a dividend in the early 
years. However, they may recommend or declare dividends at some future date 
depending on the financial position of the Company. 
 
The directors confirm that, as required by the AIM Rules, they will at each 
annual general meeting of the Company seek shareholder approval of its 
investment policy. 
 
 
The full text of the circular is available on the Company's website at 
www.timestrip.com 
 
 
                                   ** ENDS ** 
 
 
+-----------+-----------+---------------+ 
| Jonathan  | Timestrip | 01462 440 700 | 
| Steinberg | plc       |               | 
+-----------+-----------+---------------+ 
| Liam      | Cairn     | 020 7148 7903 | 
| Murray    | Financial |               | 
|           | Advisers  |               | 
+-----------+-----------+---------------+ 
|           |           |               | 
+-----------+-----------+---------------+ 
|           |           |               | 
+-----------+-----------+---------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NOEBUGDUGSGBGGU 
 

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