Posting of Shareholder Circular and Notice of General Meeting, Revised Investing Policy

10 December 2012

Concha announces proposals to change its Investing Policy subject to shareholder approval. A circular setting out the proposals and convening a General Meeting will be posted to shareholders today. Copies of the Circular will also be available from the Company's website, www.conchaplc.com. The General Meeting is to be held at Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ at 2:00 p.m. on 27 December 2012.

Background

The Existing Investing Policy was approved by shareholders at the general meeting on 7 February 2012. Since then the Directors have reviewed a number of potential investments in line with that policy in the technology, media and entertainment sectors. The Existing Investing Policy states that the first investment would be a reverse takeover. However, the Directors are of the opinion that the opportunities available to the Company are best exploited by building a portfolio of investments rather than one single acquisition. Accordingly, the Directors are proposing a Revised Investing Policy which will permit the Company greater flexibility to pursue the available opportunities in the technology, media and entertainment sectors.

The Directors are currently reviewing potential investment and acquisition opportunities in line with the Revised Investing Policy but have not, at this stage, entered into any firm commitment in connection with any investments or acquisitions.

Revised Investing Policy

The Revised Investing Policy, which is subject to Shareholder approval, is set out below:

The Company's strategic objective is to make investments in technology, media or entertainment companies and/or assets where the Directors believe there are opportunities for growth which, if achieved, will be earnings enhancing for Shareholders. The Directors intend to manage the resulting portfolio of investments actively to enhance shareholder value through follow on investments and disposals from time to time.

Such investments may result in the Company acquiring the whole or part of a company or project, and may include the Company taking strategic equity stakes in both public and private companies.

The Company's investments may take the form of equity, debt, conversion of debt owed to the Company into equity, convertible instruments, options or other financial instruments as the Directors deem appropriate.

The Company intends to target opportunities which the Directors believe would benefit from further investment, the expertise of the Directors and access to the UK's capital markets. There is no limit on the number or size of companies into which the Company may invest.

The Directors believe that their broad collective experience in the areas of acquisitions, accounting, corporate and financial management and the technology, media and entertainment sectors will enable the Company to achieve its strategic objective.

Strategic equity or debt investments may be undertaken in the ordinary course of the Company's business and as an alternative to holding cash reserves on a day-to-day basis.

The Directors do not expect to pay dividends or make other distributions for the foreseeable future, but when appropriate the Directors intend to pursue progressive policies for the return of cash to shareholders.

Capitalised terms in this announcement either carry or bear the same meaning as in the Circular posted this morning to Shareholders or as available on the Company's website, www.conchaplc.com .

Notice of Meeting of Shareholders to be held on 27 December 2012

 

Enquiries:

Concha plc
M Barney Battles, Non-Executive Chairman

Tel: 07789 766 242
   
Strand Hanson Limited (Nominated Adviser and Broker)
James Harris / Andrew Emmott

Tel: 020 7409 3494

 

Notes to Editors

Concha PLC is an AIM listed investment vehicle created after the disposal of certain intellectual property and assets of the "Hot Tuna" fashion brand.

http://www.Conchaplc.com/

 

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