Result of EGM
12 Junho 2006 - 12:30PM
UK Regulatory
FOR IMMEDIATE RELEASE 12 JUNE 2006
COMPASS FINANCE GROUP PLC
("Compass Finance" or "the Group")
Extraordinary General Meeting approves the Acquisition of
The Debt Advisor
At the Extraordinary General Meeting held today, all the proposed resolutions
were passed including the ordinary resolution to approve the acquisition of The
Debt Advisor and the special resolution to approve the Placing of 11,250,000
new Ordinary Shares to raise approximately �4.15 million net of expenses. In
connection with the acquisition, the number of Consideration Shares to be
issued is 2,247,191. Application has been made for the Consideration Shares and
the Placing Shares to be admitted to trading on AIM and dealings are expected
to commence on 15 June 2006. The issued share capital of the Company following
the issue of the New Ordinary Shares will comprise 85,946,983 Ordinary Shares.
Gren Folwell, the Chairman of Compass Finance, commented:
"The acquisition of The Debt Advisor is a key strategic move for Compass
Finance enabling us to offer our customers a complete range of financial
solutions to their debt problems,from loans and mortgages through to individual
voluntary arrangements and debt management plans.
We are delighted that Beverley Budsworth will be the Managing Director of
our new Debt Advisory Division, bringing her breadth of experience to the
successful business model that we have been developing over the last 6 months.
I would also like to thank both our existing shareholders and the new
shareholders who have taken shares in the recent Placings for their continuing
support which is appreciated by the board and to assure them that we fully
intend to justify their confidence in the new management team."
All terms used in this announcement have been defined as set out in the
circular to shareholders dated 15 May 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
Background note:
Based in Bury in Lancashire, with a customer base across the UK, Compass
Finance provides a complete range of debt advisory solutions through the
brokering and packaging of mortgages, secured loans and unsecured loans as well
as the provision of individual voluntary arrangements (IVAs) and debt
management plans, for clients requiring debt consolidation or debt
restructuring solutions. Compass Finance earns its income from commissions and
fees received from third party lenders and from client IVA and debt management
plans.
END
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