Business
Disposal
Disposal.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n RNS Number : 1100A Upstream Marketing and Comms Inc. 02 October 2009 \n \nUpstream Marketing and Communications Inc.\n('UPS' or the 'Company')\n\nDisposal of Business\nAdoption of Investment Strategy\nChange of Name\n\nThe Board of Upstream Marketing and Communications Inc. is pleased to announce that it has entered into a conditional agreement for the proposed disposal of Upstream Asia Limited and Camber Communications Limited (together 'UAL'), the Company's wholly-owned BVI subsidiaries, to Asset Pioneer Limited (the 'Buyer').\nThe Disposal is subject to Shareholder approval which will be sought at an Extraordinary General Meeting which is being convened for 26 October 2009, as this disposal would result in a fundamental change of business by the Group pursuant to Rule 15 of the AIM Rules. In addition, at the General Meeting, Shareholders will be asked to approve the Company's proposed investing policy following Completion in accordance with AIM Rule 15. \n\nCommenting, Stephen Smith, Non-Executive Chairman of UPS, said: -\n'The proposed sale by UPS of its public relations businesses is a positive development for shareholders. The historic performance of those businesses has been disappointing and has had an adverse effect on UPS's share price. The Board did not foresee performance improving markedly and has been considering various options to realize the value of the public relations businesses and make better use of shareholders' funds.\nThe businesses and the Upstream brand are being sold, and UPS's current CEO, David Ketchum, will continue in the business with a new strategic partner, Next Fifteen Communications Group plc ('Next Fifteen'). This sale was viewed as the best option to realize value for the businesses. We wish David and Next Fifteen well in this new chapter for Upstream.\nThe Company will use the sale proceeds to seek out investment opportunities in the natural resources sector in order to maximize value for shareholders. To reflect this change in strategic direction, the Company proposes to change its name to Hameldon Resources Limited.'\n\nEnquiries:\nUpstream Marketing and Communications \nDavid Ketchum\n+852 2973 0222\nMr Nikul Sarin\n+44 207 399 4381 \n\n\nStrand Partners Limited\nJames Harris/Angela Peace\n+44 207 409 3494\n \nThe Board of UPS is pleased to announce tha...