RNS Number : 6268E
Conister Financial Group plc
30 September 2008
FOR IMMEDIATE RELEASE 30 SEPTEMBER 2008
Conister Financial Group PLC
Unaudited Interim Results for the 6 months ended 30 June 2008
Conister Financial Group PLC (*CFG* or *the Group*) is pleased to announce its financial results for the six months ended 30 June 2008.
The Group comprises Conister Trust, the banking division that was formed in the Isle of Man in 1935 which specialises in providing finance
for personal and business use, and TransSend, the prepaid card division formed in 2006 to take advantage of the worldwide explosion in the
prepaid card market.
Financial Highlights:
� Loss before tax �3.0m (2007 - �0.4m) this was as expected and planned and reflects:
o Further investment in TransSend �2.2m (2007 - �0.5m) which is now bearing fruit
o Loss from Litigation Funding (in run-off) �0.2m (2007 - profit �0.2m)
o Increased group central costs as CFG invests in management to transform the Group �0.7m (2007 - �0.3m)
� Conister Trust*s ongoing Asset and Personal Finance business maintains its profitability at �0.15m
� Interest income up 5.6% to �3.7m driven by a 165% increase in Premium Finance income to �0.7m (2007 - �0.3m)
� TransSend generating income �0.3m (2007 �nil)
� Conister Trust is strongly capitalised with a Tier 1 capital ratio of 20.5% compared to the average of UK banks 5.5%
� Cash balances �15.3m (2007 - �10.6m)
� Customer deposits �57.6m (2007 - �48.9m)
� Fiduciary deposits �74.4m (2007 - �nil)
Operational Highlights:
� Strategic share stakes swapped with AIM listed Equity Special Situations Limited (*ESS*) as CFG and ESS identify further
synergistic benefits of working together
� Litigation funding net receivables reduced from �4.0m last year to �2.0m
� Premium finance receivables increase from �4.2m to �15.5m (+269%) on what are proving to be very low risk loans which finance the
payment of motor insurance premiums
� Personal Asset and Finance loan book is stable with low bad debt experience
� No wholesale loans, no corresponding debt on the balance sheet
� No exposure to the sub-prime sector or mortgages
Subsequent Events:
� Strategic sale of 51% of TransSend to ESS (41%) and Altair Financial Services International Plc (10%) (see separate announcement
released today) to facilitate the growth of TransSend as a standalone business and maximise shareholder value. The sale is conditional upon
certain operational milestones being reached within six months of the sale
Arron Banks, Chief Executive Officer, said:
In these worrying times for the banking sector Conister Trust is well capitalised and is unaffected by the troubles being experienced by
banks globally. During the first 6 months of 2008 we have made further progress towards becoming a private banking group. In addition we
have invested further in TransSend so it can seize the opportunities to expand in a promising and potentially huge market. I am pleased to
announce today that we have two new partners as shareholders in TransSend (ESS and Altair) and this will enable value for our shareholders
to be created as TransSend becomes an independent entity that is positioned for further third party investment and a potential IPO. The
prepaid card market is growing at home and abroad by 100% annually. The current banking crisis is likely to accelerate the attractiveness of
the prepaid market.
For further information, please contact:
Conister Financial Group plc
Arron F A Banks / Chris Johnstone
Tel 07918 608480
Beaumont Cornish Limited
Roland Cornish
Tel +44 (0) 20 7628 3396
Britton Financial PRTim BlackstoneTel 07957 140416
Chairman*s Statement
Introduction
In my Interim Results* statement last year I wrote about the *the well-publicised turmoil in the worlds banking system.* Twelve months on it
seems little has changed. The crisis hitting the UK, European and American banks has now reached epidemic proportions and not a day goes by
when this does not feature in media headlines.
Conister Trust is not being affected by the market turmoil; we have absolutely no debt on the balance sheet and are not exposed to wholesale
loans. Equally we are not involved in sub-prime loans or mortgage lending. Our customer deposits are up to �57.6m from �48.9m, a year ago,
as customers identify that we are a safe haven with a well capitalised balance sheet with a Tier 1 capital ratio of 20.5% which compares
very favourably against the average for UK banks of 5.5%.
Financial Review
The loss for the six months ended 30 June 2008 was �3.0m (2007 - �0.4m); this was as expected and planned and reflects the further
investment in TransSend our prepaid card business at cost of �2.2m (2007 - �0.5m) which is now bearing fruit.
In addition there was a loss of �0.2m from Litigation Funding (2007 - �0.2m profit) following our decision to discontinue this business in
the early part of 2007. We are in litigation with a number of personal injury solicitors who have chosen not to repay loans made to their
clients to pursue personal injury claims. As previously reported we were successful in the Court hearing of the *Preliminary Issue* but this
decision was recently overturned on appeal. This was however only one of many issues being defended by the personal injury solicitors and
the case continues. We remain confident of our position and have a secondary case against our original legal advisors who were instructed to
develop appropriate credit agreements (which the personal injury solicitors are now challenging) in the event our primary case is
unsuccessful.
Finally, we have further strengthened the management team with the appointment of a new Chief Executive, Arron Banks and Chris Johnstone as
Interim Finance Director (a non board appointment). Further we have recently appointed Simon Hull as Managing Director of Conister Trust who
was previously Managing Director of Alliance and Leicester International on the Isle of Man. Such strengthening of the team and building of
a central infrastructure is essential if we are to transform the business into a successful private banking group. In the short-term this
adds to costs and group central overheads have increased as a result to �0.7m (2007 - �0.3m). In the medium term the value that this team is
expected to create will enhance profitability.
Conister Trust * Banking Division
In addition to my comments above it is pleasing to report that the Bank*s ongoing Asset and Personal Finance operation made a profit of
�145,000 (2007 - �175,000). Whilst this is recognised as only small it is pleasing to be in such a position when so many banks are reporting
huge losses and asset write-downs.
Our loan book has increased by 8% to �56.3m (2007 - �51.9m) with low risk Premium Finance receivables increasing by 257% to �15.0m (2007 -
�4.2m). Our arrears are stable and we continue to enjoy a very low level of bad debts.
Cash balances are healthy, given the increased level of customer deposits and stand at �15.3m at the end of June 2008 (2007 - �10.6m).
We continue to look for new profitable lending and banking opportunities and believe that with the influx of new management talent that
these will be forthcoming in the near future.
TransSend * Prepaid Card Division
Investment in TransSend has continued to enable it to grasp the growth opportunities that exist in this market. At the time of writing
37,000 cards have been issued. Since the start of the year a number of valuable contracts have been signed with Intercash, Playtech and
Income Access to provide prepaid payout cards to customers in the gaming sector and to affiliate marketers. These, together with additional
contracts in the pipeline should see further increases in the numbers of cards issued in the remainder of the year.
We are already producing valuable revenues from TransSend with �288,000 of income arising on float balances (which stood at �4.6m at the end
of June 2008) and from card transactional income arising in the six months ended 30 June 2008.
We separately announced in detail today that we have agreed the strategic sale of 51% of TransSend - 41% to AIM listed Equity Special
Situations Limited (*ESS*) and 10% to Altair Financial Services International Plc (*Altair*). Altair is a leading player in the global
prepaid card market and is already certified for issue processing in Latin America and the Caribbean, Asia Pacific, Middle East and Africa,
United States of America and throughout Europe. It has adopted innovative payment solutions and supports the paypass card at the City of
Manchester Stadium, home of Manchester City Football Club and has recently teamed up with Tesco to launch a prepaid travel card. ESS already
has an interest in the prepaid card sector through an investment in Altair.
The sale of the 51% stake is for an estimated consideration of �5.1m and is to be satisfied by the issue of shares in ESS and Altair or cash
at the discretion of the buyers. This strategic sale is designed to facilitate the development of TransSend as a standalone business,
through the involvement of new shareholders with significant expertise and interests in the prepaid sector. Altair has its own processing
capabilities but no e-Money licence whereas TransSend outsources its processing and has an e-Money licence application with the Financial
Services Authority in the UK at an advanced stage. The sale is conditional upon certain operational milestones being reached within six
months of the sale. We have already identified potentially significant synergies to provide potential for an improved market proposition and
resultant profitability.
New Shareholder Partner
On 23rd June 2008 we announced that we had acquired a 9.9% strategic stake in ESS and in return they had acquired 9.9% of Conister
Financial Group. This alliance was strengthened further on 9th September 2008 when ESS increased its stake in Conister to 19.9% and Conister
to 18.6% in ESS. This relationship has already resulted in the strengthening of TransSend*s through the introduction of new shareholders and
strategic partners. Further significant synergies between Conister and ESS*s existing investment portfolio have been identified that we
expect to be of considerable benefit to both companies.
Board Changes and People
Finally it would be amiss of me not to thank all of our staff for their considerable endeavours during these changing times at Conister.
Particular thanks go to two Directors, Dr. Chris Fay, who left the Board recently for personal reasons, and also to Jerry Linehan who left
the Group on 19th September 2008.
Outlook
With a strong balance sheet, new shareholders and strategic partners, and a talented executive team I look forward to reporting further good
progress as the Group continues to develop.
James Mellon
Chairman
30 September 2008
Conister Financial Group PLC
Condensed Consolidated Income Statement
6 months to30 6 months to30 June 12 months to31
June2008 2007 December 2007
�000 �000 �000
Notes (unaudited) (unaudited) (audited)
Interest income 3,725 3,529 6,851
Interest expense (1,733) (1,213) (2,631)
______ ______ ______
Net interest income 2 1,992 2,316 4,220
______ ______ ______
Fee and commission expense (322) (394) (898)
______ ______ ______
Net trading income 1,670 1,922 3,322
Net (loss)/profit from 5 (77) 106 (148)
financial assets carried at
fair value
Dividend income from financial * * 340
assets carried at fair value
298 64 362
*
*
340Other operating income
______ ______ ______
Operating income 2 1,891 2,092 3,876
Personnel expenses (2,414) (1,429) (3,167)
Depreciation (42) (27) (60)
Other expenses (2,126) (1,243) (3,353)
Impairment (loss)/profit 2 (292) 230 (464)
Shareholder litigation costs * * (318)
Scheme of arrangement costs 2,3 (45) (64) (481)
______ ______ ______
Loss before income tax 2 (3,028) (441) (3,967)
Income tax expense * (25) (174)
______ ______ ______
Loss for the period/year (3,028) (466) (4,141)
______ ______ ______
Basic and diluted loss per 4 (5.92) (1.11) (9.48)
share (pence)
The Directors consider that all results derive from continuing activities.
Conister Financial Group PLC
Consolidated Balance Sheet
6 months to30 6 months to30 June 12 months to31 December 2007
June2008 2007
�000 �000 �000
Notes (unaudited) (unaudited) (audited)
Assets
Cash and cash equivalents 15,303 10,630 22,905
Financial assets at fair value 5 221 552 298
through profit or loss
Available-for-sale financial 6 5,305 * *
instruments
Loans and advances to 56,333 51,913 56,737
customers
Property, plant and equipment 338 102 277
Deferred tax * 160 *
Trade and other receivables 676 476 1,072
______ ______ ______
Total assets 78,176 63,833 81,289
______ ______ ______
Liabilities
Customer accounts 57,600 48,888 61,973
Creditors and accrued charges 1,075 728 1,538
Pension liability 335 209 305
______ ______ ______
Total liabilities 59,010 49,825 63,816
______ ______ ______
Equity
Called up share capital 14,079 10,515 12,680
Share premium account 2,732 3,312 8,337
Merger reserve 1 8,337 * *
Share option reserve 605 162 238
Retained earnings (6,587) 19 (3,782)
______ ______ ______
Total equity 19,166 14,008 17,473
______ ______ ______
Total liabilities and equity 78,176 63,833 81,289
______ ______ ______
Conister Financial Group PLC
Consolidated Cash Flow Statement
6 months to30 6 months to30 June 12 months to31 December
June2008 2007 2007
�000 �000 �000
(unaudited) (unaudited) (audited)
Loss before taxation (3,028) (441) (3,967)
Movement in financial assets 77 (106) 148
held at fair value through
profit and loss
Dividend income from financial * * (340)
assets carried at fair value
Loss on disposal of property, 17 * 25
plant and equipment
Depreciation charge 42 27 60
Share-based payment expense 367 47 123
Pension scheme (30) (43) (61)
Decrease/(increase) in trade 394 24 (232)
debtors
(Decrease)/increase in trade (463) 44 858
creditors
______ ______ ______
Net cash outflow from trading (2,624) (448) (3,386)
activities
Decrease/(increase) in loans 404 1,878 (2,946)
and advances to customers
(Decrease)/increase in deposit (4,373) (3,510) 9,575
accounts
______ ______ ______
Cash (outflow)/inflow from (6,593) (2,080) 3,243
operating activities
______ ______ ______
CASH FLOW STATEMENT
Cash flows from operating
activities
Cash (outflow)/inflow from (6,593) (2,080) 3,243
operating activities
Taxation paid * * (5)
______ ______ ______
Net cash (outflow)/inflow from (6,593) (2,080) 3,238
operating activities
Cash flows from investing
activities
Purchase of tangible fixed (106) (11) (244)
assets
Purchase of available-for-sale (908) * *
financial instruments
______ ______ ______
Net cash outflow from (1,014) (11) (244)
investing activities
Cash flows from financing
activities
Issue of ordinary share 5 37 7,227
capital
______ ______ ______
Net cash inflow from financing 5 37 7,227
activities
______ ______ ______
(Decrease)/increase in cash (7,602) (2,054) 10,221
and cash equivalents
______ ______ ______
Cash and cash equivalents at 22,905 12,684 12,684
beginning of period
Cash and cash equivalents at 15,303 10,630 22,905
end of period
Non-cash transactions
During the period shares were issued for the acquisition of an investment * see Note 6.
Conister Financial Group PLC
Consolidated Statement of Recognised Income and Expenses and
Consolidated Statement of Changes in Equity
Consolidated Statement of Recognised Income and Expenses
6 months to30 6 months to30 June 12 months to31 December 2007
June2008 2007
�000 �000 �000
(unaudited) (unaudited) (audited)
(Loss)/gain on pension scheme (48) 186 48
Deferred tax associated with * (21) (11)
gain on pension scheme
Fair value gain from 271 * *
available-for-sale financial
instruments
Other * * 2
______ ______ ______
Income recognised directly in 223 165 39
equity
Loss for the period/year (3,028) (466) (4,141)
______ ______ ______
Total recognised expense for (2,805) (301) (4,102)
the period/year
______ ______ ______
Consolidated Statement of Changes in Equity
Share capital Share premium Merger reserve Share option reserve Retained earnings Total30 June
2008 Total30 June 2007 Total30 Dec 2007
�000 �000 �000 �000 �000
�000 �000 �000
Balance at 1 January 12,680 8,337 * 238 (3,782)
17,473 14,225 14,225
Loss for the period/year * * * * (3,028)
(3,028) (466) (4,141)
Arising on shares issued 1,399 2,732 * * *
4,131 37 7,227
Movement on share option * * * 367 *
367 47 123
reserve
Other recognised * * * * 223
223 165 39
incomeattributable to equity
holders
Transfer to merger * (8,337) (8,337) * *
* * *
reserve(Note 1)
______ ______ ______ ______ ______
______ ______ ______
Balance at 30 June 2008 14,079 2,732 8,337 605 (6,587)
19,166 14,008 17,473
______ ______ ______ ______ ______
______ ______ ______
Conister Financial Group PLC
Notes to the Consolidated Financial Statements
1. Preparation of the interim statements
The interim financial statements are unaudited but have been reviewed by the company*s Independent Auditors.
The comparative figures for the twelve months to 31 December 2007 have been extracted from the financial statements of Conister Trust
Limited (formerly PLC), on which the Independent Auditors gave an unqualified opinion. The comparative figures for the six months to 30 June
2007 have been extracted from the Interim Financial Statement which was the subject of a review opinion by the Independent Auditors.
Conister Trust Limited (formerly PLC), following an Isle of Man Court sanctioned Scheme of Arrangement, became a wholly owned subsidiary of
Conister Financial Group PLC with effect from 31 January 2008. As of this date all Shareholders of Conister Trust Limited (formerly PLC)
became the Shareholders of Conister Financial Group PLC.
The interim financial statements have been prepared in accordance with IAS 34 *Interim Financial Reporting*. The accounting policies (unless
stated otherwise) have been applied consistently with those presented in the Annual Report for the twelve months to 31 December 2007 and
comply with IFRSs and IFRIC interpretations applicable to companies reporting under IFRS.
For the purpose of the consolidated financial statements the scheme of arrangement, whereby Shareholders in Conister Trust Limited (formerly
PLC) received shares in Conister Financial Group PLC, has been treated as a Group reconstruction. Merger accounting principles have been
used for the Group reconstruction, such that the consolidated results of Conister Financial Group PLC have been prepared on the basis that
the current Group always existed.
2. Segmental analysis
Segment information is presented in respect of the Group*s business segments. The Directors consider that the Group currently operates in
one geographic segment, the Isle of Man and UK. The primary format, business segments, is based on the Group*s management and internal
reporting structure. The Directors consider that the Group operates in three product orientated segments: Asset and Personal Finance
(including provision of HP contracts, leases, personal loans and premium finance); Litigation Finance; and a prepaid card division,
TransSend. The Group ceased to provide new Litigation Finance lending in June 2007.
Asset andPersonal Litigation Finance TransSendDivision Total2007
Finance
�000 �000 �000 �000
for the six months to 30 June
2008
Net interest income 1,884 33 75 1,992
Operating income 1,570 33 288 1,891
Impairment (loss)/profit (228) (64) * (292)
Profit/(loss) before 145 (184) (2,248) (2,287)
unallocated items
Group central costs (696)
Scheme of arrangement (45)
______ ______ ______ ______
Loss before income tax (3,028)
______ ______ ______ ______
Capital expenditure 129 * 62 191
______ ______ ______ ______
Total assets 74,213 1,956 2,007 78,176
______ ______ ______ ______
Total liabilities 55,695 1,956 1,359 59,010
______ ______ ______ ______
Conister Financial Group PLC
Notes to the Consolidated Financial Statements
2. Segmental analysis continued
Asset andPersonal Litigation Finance TransSendDivision Total2007
Finance
�000 �000 �000 �000
for the six months to 30 June
2007
Net interest income 2,187 120 9 2,316
Operating income 1,963 120 9 2,092
Impairment (loss)/profit (267) 497 * 230
Profit/(loss) before 175 196 (499) (128)
unallocated items
Group central costs (249)
Scheme of arrangement (64)
______ ______ ______ ______
Loss before income tax (441)
______ ______ ______ ______
Capital expenditure 13 * 12 25
______ ______ ______ ______
Total assets 59,018 3,985 830 63,833
______ ______ ______ ______
Total liabilities 45,010 3,985 830 49,825
______ ______ ______ ______
Asset andPersonal Litigation Finance TransSendDivision Total2007
Finance
�000 �000 �000 �000
for the twelve months to 31
December 2007
Net interest income 4,080 140 * 4,220
Operating income 3,542 140 194 3,876
Impairment (loss)/profit (478) 14 * (464)
Profit/(loss) before 517 (688) (2,469) (2,640)
unallocated items
Group central costs (528)
Shareholder litigation costs (318)
Scheme of arrangement (481)
______ ______ ______ ______
Loss before income tax (3,967)
______ ______ ______ ______
Capital expenditure 111 * 133 244
______ ______ ______ ______
Total assets 78,596 2,496 197 81,289
______ ______ ______ ______
Total liabilities 61,320 2,496 * 63,816
______ ______ ______ ______
Conister Financial Group PLC
Notes to the Consolidated Financial Statements
3. Scheme of arrangement costs
Conister Trust Limited (formerly PLC), following an Isle of Man Court sanctioned Scheme of Arrangement,
became a wholly owned subsidiary of Conister Financial Group PLC with effect from 31 January 2008. The
legal and professional expenses attributable to this corporate restructure are presented on the face of the
Income Statement.
4. Loss per share
30 June2008 30 June 2007 31 December 2007
�000 �000 �000
(unaudited) (unaudited) (audited)
Loss for the period/year (3,028) (466) (4,141)
Number Number Number
Weighted average number of 51,150,345 41,976,212 43,689,141
ordinary shares in issue
Basic and diluted loss per share (5.92)p (1.11)p (9.48)p
The basic loss per share calculation is based upon loss for the period/year after taxation and the weighted average of the number of shares
in issue throughout the period/year.
There is no difference between basic and fully diluted loss per share due to a loss being made in the period.
5. Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss represent shares in a UK quoted company, designated at fair value through profit or
loss on initial recognition. The investment is stated at market value with the difference between cost and market value included within the
income statement.
6. Available-for-sale financial instruments
On 23 June 2008, the Group acquired 2,042,705 ordinary shares (equivalent to a 9.9% interest) in Equity Special Situations Limited (ESS), an
AIM listed strategic investment company incorporated in Guernsey, for a consideration of �4,453,096. The consideration was settled by
issuing 5,575,150 ordinary shares in CFG at a price of 74p and the payment of �327,486.
The Group has also acquired two other investments during the period which are categorised as available-
for-sale.
Available-for-sale financial assets are stated at fair value and changes in fair value are reflected in equity.
Conister Financial Group PLC
Notes to the Consolidated Financial Statements
7. Share option reserve
On 1 February 2008, options to subscribe for 1,275,000 Ordinary 25p shares, which are exercisable from the date of grant up to 1 February
2018, were granted under the terms of the Conister Financial Group PLC Employee Share Option Scheme at an exercise price of 81p. These
options will vest if the share price reaches 175p within three years from the date of grant. The Scheme balance as at 30 June 2008 was
925,000.
On 30 May 2008, options to subscribe for 1,000,000 Ordinary 25p shares, which are exercisable from the date of grant up to 30 May 2018, were
granted under the terms of the Conister Financial Group PLC Employee Share Option Scheme at an exercise price of 70p. These options will
vest if the share price reaches 100p within ten years from the date of grant. The Scheme balance as at 30 June 2008 was 1,000,000.
A share-settled bonus, conditional on the share price reaching 100p within three years from the grant date, of 500,000 Ordinary 25p shares
each was granted to Mr A F A Banks (Conister Financial Group PLC, Chief Executive) and Mr C Johnstone (Conister Financial Group PLC, Interim
Finance Director) at an exercise price of nil.
8. Regulatory
The company*s wholly owned subsidiary Conister Trust Limited is licensed to undertake banking business by the Isle of Man Government
Financial Supervision Commission.
TransSend Payments Limited has submitted an application for an e-money licence under which, if successful, it will become regulated by the
Financial Services Authority in the UK.
9. Contingent liabilities
The company*s wholly owned subsidiary Conister Trust Limited is required to be a member of the Isle of Man Government Depositors*
Compensation Scheme which was introduced by the Isle of Man Government under the Banking Business (Compensation of Depositors) Regulations
1991. Conister Trust Limited has not been notified of any potential claims under the Scheme as at the date of signing these financial
statements.
10. Related party transactions
*Loans and advances to customers* includes a loan due to Conister Trust Limited from NewLaw, a UK firm of Solicitors. The loan carries
interest at 7.3 per cent per annum and is repayable after 36 months. As at 30 June 2008 the balance on the loan was �389,435. NewLaw is a
related party of Mr A F A Banks (Conister Financial Group PLC, Chief Executive). The loan is secured by a personal guarantee from Mr A F A
Banks.
NewLaw also provide legal services to the Group. Fees charged for these services in the period totalled �337,791.
Conister Trust Limited (formerly PLC) has an agreement with Group Direct Limited, a UK insurance broker, to provide premium financing of
insurance policies brokered by Group Direct of at least �5 million annually over four years. The majority of these policies are issued by
Southern Rock Insurance Company Limited. In the period the Group provided financing of �13.6 million, earning interest income of �686,000.
Group Direct Limited and Southern Rock Insurance Company Limited are related parties of Mr A F A Banks.
During the period Conister Trust Limited held cash on deposit on behalf of Mr J Mellon (Conister Financial Group PLC, Chairman), and a
company related to him, Mr A F A Banks and Mr D Eke (Conister Financial Group PLC, Non-Executive Director), and a company related to him.
Normal commercial interest rates are paid on these deposits.
Key management personnel and Executive Director compensation for the year comprises:
30 June2008 30 June 2007 31 December 2007
�000 �000 �000
Short-term employee benefits 611 390 838
Share-based payments 244 54 79
______ ______ ______
Total 855 444 917
______ ______ ______
Conister Financial Group PLC
Notes to the Consolidated Financial Statements
11. Post-balance sheet events
On 12 September 2008 the company increased its holding in Equity Special Situations Limited (*ESS*) by acquiring a further 2,206,090 of ESS
ordinary shares at a price of 235p per share. This transaction increased the holding to 18.6 per cent of the AIM traded strategic investment
company.
In consideration, the Company issued to ESS 7,101,798 new ordinary shares at 73p per share, which amounts to nominal share capital of
�1,775,450 and share premium of �3,408,863. ESS now holds 19.99 per cent of the ordinary share capital of Conister Financial Group PLC.
On 13 August 2008 Jerry Linehan resigned as a Director of Conister Financial Group PLC. The date of cessation of his employment is 19
September 2008.
On 5 September 2008 Dr Chris Faye resigned as a Director of Conister Financial Group PLC.
12. Litigation
Conister Trust Limited entered into litigation with a firm of solicitors following their refusal to repay loans made by Conister Trust
Limited to a number of their clients. As at 30 June 2008 the amount owed by the firm of solicitors was �369,000.
On 11 April 2008 judgment on a preliminary issue in this case was handed down in favour of Conister Trust Limited. On 21 July 2008 the Court
of Appeal reversed the earlier decision and ruled against Conister Trust Limited.
13. Approval of interim statements
The interim statements were approved by the Board on 29 September 2008. The interim report is expected to be posted to Shareholders on 2
October 2008 and will be available from that date at the Group*s Registered Office: Conister House, Isle of Man Business Park, Cooil Road,
Braddan, Isle of Man, IM2 2QZ.
The Group*s nominated adviser is Beaumont Cornish Limited, 5th Floor, 10-12 Copthall Avenue, London, EC2R 7DE. The Group*s broker is Fairfax
I.S.PLC, 46 Berkeley Square, London, W1J 5AT.
The Interim and Annual reports, along with other supplementary information of interest to shareholders, are included on our website. The
address of the website is www.cfgplc.com which includes investor relations information and contact details.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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