AMCO Corporation PLC
17 December 1999
AMCO CORPORATION PLC ('Amco ' or the 'Company')
ACQUISITION OF TOLENT DEVELOPMENTS LIMITED
The Company announces that it has today purchased the entire issued share
capital of Tolent Developments Limited ('Tolent Developments') from Tolent PLC
for £30,000 in cash. As at 30 June 1999, Tolent Developments had net assets of
£30,000 and no trading profits. Tolent Developments' only asset is a property
development in Huddersfield.
Tolent Developments Limited presently has a loan outstanding from Tolent
Corporation Limited (a subsidiary of Tolent PLC) of £470,000. £100,000 of the
loan will be repaid immediately with the balance of £370,000 remaining as an
interest free loan from Tolent Corporation Limited repayable upon the earlier
of the disposal of the property development and the expiration of five years.
The Directors of Amco believe that in their opinion, after having consulted
with the Company's nominated adviser, the terms of the transaction are fair
and reasonable so far as the shareholders of Amco are concerned