Cohen(A.) & Co PLC
01 November 2002
IMMEDIATE RELEASE 1 NOVEMBER 2002
A. Cohen & Co. plc
(the 'Company' or 'Cohen')
Strategic Review
Following the announcement of the Company's interim results, released on 27
September 2002, that Cohen had extended its option to 31 October 2002 to acquire
the 80 per cent. of Scott Tod Developments Limited ('Scott Tod') that it does
not already own, the Company announces that the option lapsed yesterday.
However, the Company retains its 20 per cent. shareholding in Scott Tod, is
fully supportive of Scott Tod's management and is still an investor in Automatic
Teller Machines ('ATMs') operated by Scott Tod. The Company continues to explore
diversification opportunities and is also in discussions with other ATM related
entities to expand its interests in this area.
The Company also announces that it has agreed in principle to a financing with
OLM Partners LLC, an international group, by way of an equity line of credit of
up to a maximum of £3 million. This financing structure when completed would
enable the Company to draw down cash as and when it requires by the issue of new
ordinary shares in Cohen over a maximum period of three years. The terms of the
agreement are still subject to contract and will be announced following the
successful completion of negotiations. It is anticipated that such funds would,
if necessary, be used to assist the Company to execute its diversification plans
either in Scott Tod, other ATM businesses and/or direct investments in ATMs.
The Company is also progressing the strategic review of existing activities and
the Board wishes to announce that in order to realise value from the Company's
investment in its Woolwich property it is in negotiations for the sale and/or
development of this property. Only a very small portion of the Woolwich property
is utilised by the Company for offices and the phosphor copper operations of A.
Cohen & Co. (Great Britain) Limited. Upon completion of successful negotiations
in relation to the Woolwich site, the operations, which are also subject to
review, will be relocated and/or restructured as appropriate.
Further announcements will be made in due course.
Enquiries:
A. Cohen & Co. plc
Royce Ritchie
Executive Chairman 00 61 417 500 979
This information is provided by RNS
The company news service from the London Stock Exchange