PERE Pembridge Resources Plc

    FOR IMMEDIATE RELEASE                                          23 FEBRUARY 2006                      


                           COMPASS FINANCE GROUP PLC                           

                      ("Compass Finance" or "the Group")                       



 Compass Finance is a finance broker and packager of mortgages, secured loans  
  and unsecured loans for clients requiring debt consolidation and financial   
solutions. The Group does not lend money to customers but earns its income from
       commissions and fees received primarily from third party lenders.       

                       Annual General Meeting Statements                       

  * Trading since 30 September 2005 encouraging
   
  * Share placing raises �2.1million net of expenses
   
  * Mark Snape appointed Chief Operating Officer
   
  * Board confident about the Group's long term potential
   
Gren Folwell, the Non-Executive Chairman, and Mike Sutcliffe, the Chief
Executive, will make the following statements at the Group's Annual General
Meeting to be held at 2.00 pm today at the Head Office in Bury:


Introduction

As reported in my Chairman's Statement, trading since 30 September 2005 has
been encouraging showing a continued return to profit in line with management's
expectations.

Share Placing

On 23 February 2006 Compass Finance completed a fund raising of �2.1m, net of
expenses, through a placing ("the Placing") of 5,500,000 new ordinary shares of
0.5p each ("Ordinary Shares") at a price of 40p per Ordinary Share. Application
has been made for the new Ordinary Shares to be admitted to trading on AIM.

The new Ordinary Shares will increase the number of issued Ordinary Shares to
72,449,792 and equate to approximately 7.59% of the enlarged issued share
capital of the company.

As a result of the Placing, funds under the management of Unicorn Asset
Management Limited ("Unicorn") will hold 7.59% of the enlarged issued share
capital of the company.

In completing this transaction, we worked closely with our financial adviser
Zeus Capital and with Chartered Business Finance Limited and we are delighted
to welcome Unicorn as a shareholder, as part of our long term strategy of
building a strong institutional shareholder base.

Board Change

I am also pleased to announce that Mark Snape has been appointed Chief
Operating Officer with immediate effect. Mark joined the Board in September
2005 as Sales and Operations Director and, under his leadership, the core
business divisions have stabilised and returned to profitable growth.

Outlook

With the recovery in operating performance and the return to growth, the Board
remains confident about the Group's long term potential.

Gren Folwell

Non-Executive Chairman

23 February 2006

 



                          Chief Executive's Statement                          

Summary performance

As previously recorded in my review within the annual report and accounts, our
performance in the financial year ended 30 September 2005 was impacted by
investment made in new premises, the additional cost of mortgage and general
insurance regulation, investment in new mortgage sales teams and uplifts in
marketing activity.

As mentioned in the Chairman's Statement, we have seen a return to profit and I
firmly expect to see the growth in our core operations continue throughout the
remainder of 2006.

Investment Strategy

The completion of the fund raising of �2.1m, net of expenses, will allow the
business to concentrate its efforts on supporting growth in the core brokerage
division and to continue to build the infrastructure to develop our fledgling
debt management business, Compass Debt Management ("CDM").

This investment will continue to build towards our strategy of providing an
appropriate financial solution to all of our customers' needs, whilst expanding
our revenue streams into new, longer term annuity income opportunities to sit
alongside our cash generative broking operations.

Outlook

As a business we continue to look forward to the remainder of 2006 with
optimism and confidence. Our core broking operations are continuing a pattern
of profits growth, with underlying performance indicators demonstrating that
this growth is set to continue in 2006 and beyond.

Added to this growth, our progress to date together with further planned
investment in CDM brings a new opportunity for growth for the Group.

I look forward to updating shareholders in due course on the progress we are
making in our brokerage division and also on the growth of CDM.

Mike Sutcliffe

Chief Executive

23 February 2006





For further information:





Compass Finance Group plc

Mike Sutcliffe (Chief Executive)                                 0870 950 0000

Mark Walker (Finance Director)                                   0870 950 0000




Cubitt Consulting

Brian Coleman-Smith / Allison Reid / Nia Thomas                  020 7367 5100




Zeus Capital

Alex Clarkson                                                    0161 831 1512



END

Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Jul 2024 até Ago 2024

Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Ago 2023 até Ago 2024