GNE Gne Grp

 

TIDMGNE 
 
RNS Number : 6623L 
GNE Group PLC 
15 January 2009 
 

Embargoed for 7.00am 15 January 2009 
 
 
 
 
GNE Group plc 
 
 
("GNE" or "the Group") 
 
 
Further update 
 
 
 
 
Further to the announcement by the Company on 15 December 2008, the Directors 
wish to provide an update regarding the proposed new strategy to be adopted by 
the Company, a buyback of its ordinary shares and the circular to shareholders 
currently being prepared (the "Circular"). 
 
 
The Company is still formalising a proposed structure for the Company but 
intends, subject to Shareholder approval of the investment strategy, to invest 
in small cap companies in technology sectors which the board believe are 
undervalued, distressed or operationally under-performing.  In order to achieve 
a more tax efficient structure it is intended that in the future the Company 
will become an investment trust company and will seek a listing on the main 
market of the London Stock Exchange. 
 
 
As a result of the change in strategy it is likely that the Company will seek to 
change its name and it is intended that the board will be restructured 
accordingly.Furthermore, discussions have begun with HMRC regarding the 
Substantial Shareholder Exemption tax clearance  and, as previously announced, 
the  Company is reviewing the future strategy for the retained businesses, which 
may or may not lead to a disposal of some or all of the retained operating 
businesses in due course. In addition, the Company is exploring the possibility 
of taking out an insurance policy to mitigate any potential exposure to 
environmental claims resulting from its previous petrol retailing operations. 
The Company hopes to be in a position to update the market on these matters in 
due course 
 
 
Prior to the Circular being distributed, the Company is intending to purchase up 
to 450,000 ordinary shares in the market under its current buyback authorisation 
up to a maximum price of 105 per cent. of the average of the middle market 
closing prices for an ordinary share in the Company for the five business days 
immediately preceding the day on which the ordinary share is purchased. This 
buyback will commence as soon as practicable. 
 
 
In addition the Circular will, amongst other matters, seek the approval of 
shareholders for a waiver of the obligation under Rule 9 of the City Code on 
Takeovers and Mergers to enable the Company to buyback in the market up to 15 
per cent. of its issued authorised share capital.  It is intended that up to 5 
per cent of such authorisation will be used to provide liquidity for small 
shareholders 
 
 
The Circular, currently being prepared, will contain further detail on all the 
above matters and it is intended to be sent to shareholders no later than 28 
February 2009. 
 
 
- Ends - 
 
 
For further information: 
+------------------------------------------+----------------------------+ 
| GNE Group plc                            |                            | 
+------------------------------------------+----------------------------+ 
| David Port, Chairman                     |  Tel: +44 (0) 870 241 0454 | 
+------------------------------------------+----------------------------+ 
|                                          |         www.gnegroup.co.uk | 
+------------------------------------------+----------------------------+ 
 
 
+------------------------------------------+----------------------------+ 
| Seymour Pierce                           |                            | 
+------------------------------------------+----------------------------+ 
| Richard Feigen / Sarah Jacobs            |  Tel: +44 (0) 20 7107 8000 | 
+------------------------------------------+----------------------------+ 
|                                          |     www.seymourpierce.com  | 
+------------------------------------------+----------------------------+ 
 
 
Media enquiries: 
+------------------------------------------+----------------------------+ 
| Abchurch Communications Limited          |                            | 
+------------------------------------------+----------------------------+ 
| Henry Harrison-Topham / Ariane Comstive  |  Tel: +44 (0) 20 7398 7700 | 
| / Monique Tsang                          |                            | 
+------------------------------------------+----------------------------+ 
| henry.ht@abchurch-group.com              |     www.abchurch-group.com | 
+------------------------------------------+----------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCZGGMMNDZGLZM 
 

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