Premier Management Holdings PLC
09 August 2005
9 August 2005
Premier Management Holdings plc (the 'Company')
Clarification of financial position
Further to its announcement of 29 April 2005, the Company is pleased to announce
that its financial position has now been clarified favourably following a change
of ownership of the Company's debenture.
On 29 April 2005, the Company reported that it had received a demand for
immediate repayment of all amounts due to its debenture holder. At that time the
Company was unable to meet this demand and entered negotiations with the
debenture holder seeking to obtain the withdrawal of the repayment demand. At
this time the Company requested that the London Stock Exchange suspended trading
in the Company's shares on AIM pending clarification of the Company's financial
position.
The Company has been informed today that Barry Gold, the Company's non-executive
Chairman, has entered an agreement with the debenture holder and acquired the
debenture and has informed the Company that it is his intention to withdraw the
repayment demand at the earliest practicable opportunity.
Although the financial position of the Company has now been clarified
favourably, the Company is not yet in a position to announce its preliminary
statement of results for the year ended 31 January 2005 as work on the Company's
accounts had been halted whilst the Company negotiated with the debenture
holder. As these results were required to be announced by 31 July 2005 under the
AIM Rules, the Company will not be in a position to request the London Stock
Exchange to restore the Company's AIM trading facility until the preliminary
statement has been made.
It is anticipated that the preliminary statement will be released during
September, at which time a request will be made to the London Stock Exchange to
restore trading in the Company's shares on AIM.
ENDS
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