Transaction update and completion date
2008年12月3日 - 10:07PM
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RNS Number : 4732J
Griffin Group PLC
03 December 2008
GRIFFIN GROUP PLC
TRANSACTION UPDATE AND ADMISSION DATE
Further to the announcements of 30 October 2008 and 24 November 2008, the board of Griffin Group plc ("Griffin" or the "Company")
announces that the requisite change of control consent has been received from the Financial Services Authority.
As mentioned in these previous announcements, the acquisition of Alexander David Securities and the disposal of Griffin Corporate
Finance (together the "Transaction") was subject to this consent being received, and the intention was to complete within five working days
of such approval being granted.
Unfortunately, the untimely death of Stephen Dean (which was announced on 12 November 2008) has resulted in completion of the
Transaction being delayed. The funds required by Global Investments Limited to complete the Disposal (as defined in the admission document
and announcement dated 30 October 2008) had not been transferred by Mr Dean prior to his death, and until the will has been ratified by the
Swiss courts, the executors do not have the power to complete this transfer. A court hearing is set for 17 December 2008, at which Mr Dean's
will is expected to be ratified, and the appointment of executors should take effect a few days later, and the directors believe that
completion will occur a few days thereafter.
Shareholders will be kept appraised of developments and of the timetable to completion of the Transaction as soon as further detail is
available.
For further information please contact:
Vincent Nicholls Griffin Group plc 01732 836 180
Finance Director
Michael Hicks Alexander David Holdings Ltd 020 7448 9800
Chairman
James Caithie/Simon Sacerdoti Dowgate Capital Advisers Ltd 020 7492 4777
Nominated Adviser
David Scott Alexander David Securities Ltd 020 7448 9800
Broker
This information is provided by RNS
The company news service from the London Stock Exchange
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