TIDMTIME 
 
RNS Number : 6894M 
Timestrip PLC 
28 May 2010 
 

28 May 2010 
                  Timestrip PLC ('Timestrip' or 'the Company') 
                                     Update 
 
 
In the event that the proposals to, inter alia, dispose of the trading 
subsidiaries and adopt an investment policy for the Company are approved by 
shareholders at the general meeting of the Company to be held on 1 June 2010 the 
Company announces that it intends to change its accounting reference date from 
31 December to 30 June consequently, the Company's next results to be notified 
to the market would be the audited accounts for the 18 months to 30 June 2010, 
which the board anticipate would be released by the end of July 2010. 
 
The Company's shares would remain suspended from trading on AIM until such time 
as the audited accounts for the 18 months to 30 June 2010 have been posted to 
shareholders. 
 
As announced on 6 May 2010 the Company convened a general meeting on 1 June 2010 
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 ('the Disposal').  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. 
 
Related Party Transaction 
The Disposal to Pirtemit, a company in which the directors, with the exception 
of Jonathan Steinberg, have an interest, constitutes a related party transaction 
for the purposes of AIM Rule 13.  Where a company whose shares are listed on AIM 
enters into a related party transaction, Aim Rule 13 requires the directors 
(with the exception of any director who is involved in the transaction as a 
related party) to consider, having consulted with the Company's nominated 
adviser, that the terms of the transaction are fair and reasonable insofar as 
its shareholders are concerned. 
 
Jonathan Steinberg, the independent director, having consulted with the 
Company's nominated adviser, that the terms of the related party transaction 
with Pirtsemit are fair and reasonable insofar as shareholders are concerned. 
 
 (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. 
 
In the event that the Disposal resolution is approved but the Investment Policy 
resolution is not approved by shareholders, the board is proposing that 
alternative resolutions are approved which would effect a members' voluntary 
liquidation of the Company. 
 
If the Disposal resolution is not passed, the General Meeting will be adjourned 
and the board will consider the Company's future position in respect of the 
trading and working capital position.  The board will seek immediate advice 
regarding insolvency proceedings in relation to the trading subsidiaries. 
 
The disclosure required under AIM Rule 26 may be found at Company's website at 
www.timestrip.com 
 
                                   ** ENDS ** 
 
+-----------+-----------+---------------+ 
| Jonathan  | Timestrip | 01462 440 700 | 
| Steinberg | plc       |               | 
+-----------+-----------+---------------+ 
| Liam      | Cairn     | 020 7148 7903 | 
| Murray    | Financial |               | 
|           | Advisers  |               | 
|           | LLP       |               | 
+-----------+-----------+---------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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