28-08-2008 - Holding(s) in Company
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27-08-2008 - Purchase of Own Shares and TVR Update
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21-08-2008 - Purchase of Own Shares and TVR Update
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20-08-2008 - AGM Statement
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19-08-2008 - Purchase of Own Shares and TVR Update
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13-08-2008 - Purchase of Own Shares and TVR Update
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08-08-2008 - Cancellation of Share Premium Account
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05-08-2008 - Purchase of Own Shares and TVR Update
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05-08-2008 - Purchase of Own Shares and TVR Update
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04-08-2008 - Purchase of Own Shares and TVR Update
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29-07-2008 - Purchase of Own Shares and TVR Update
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22-07-2008 - Purchase of Own Shares and TVR Update
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18-07-2008 - Purchase of Own Shares and TVR Update
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17-07-2008 - Holding(s) in Company
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16-07-2008 - Purchase of Own Shares and TVR Update
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16-07-2008 - Holding(s) in Company
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15-07-2008 - Purchase of Own Shares and TVR Update
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11-07-2008 - Purchase of Own Shares and TVR Update
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10-07-2008 - Purchase of Own Shares and TVR Update
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10-07-2008 - Purchase of Own Shares and TVR Update
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08-07-2008 - Purchase of Own Shares and TVR Update
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02-07-2008 - Purchase of Own Shares and TVR Update
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30-06-2008 - Final Results
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25-06-2008 - Result of GM
The Board is pleased to announce that at the General Meeting held at 11.00 a.m. on 24th June 2008, all resolutions were passed.
For further information:
Shore Capital & Corporate Ltd - Nominated Adviser - Dru Danford - 0207 408 4090
03-06-2008 - Holding(s) in Company
The Company was informed today that Credit Agricole Cheuvreux International Limited holds 969,182 ordinary shares in the Company, representing approximately 3.65% of the Company's issued share capital.
Contact:
PSG Solutions plc - Chairman - Jonathan Mervis - 0207 881 0800
Shore Capital & Corporate Ltd - Nominated Adviser - Dru Danford - 0207 408 4090
02-06-2008 - Holding(s) in Company
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02-06-2008 - Notice of EGM
PSG is posting a circular to shareholders today seeking approval at an EGM to be held on Tuesday 24th June 2008 for the cancellation of its share premium account. This will enable the Company, if it sees fit, to buy back its shares subject to separate shareholder approval which is being sought at the same time.
A resolution to adopt modern articles of association reflecting current law and regulation is also being sought at the same meeting of shareholders.
Contact:
PSG Solutions plc - Chairman - Jonathan Mervis - 0207 881 0800
Shore Capital & Corporate Ltd - Nominated Adviser - Dru Danford - 0207 408 4090
-END-
Circular to Shareholders 30-May-08
04-04-2008 - Directorate Change
Appointment of Deputy Chairman and Group Chief Executive
The Board of PSG is pleased to announce that Tweedie Brown CBE, who was Group Managing Director, has now been appointed Deputy Chairman of PSG and Bernie Connor, who was Director for Operations & Strategy has now been appointed as Group Chief Executive, with immediate effect. Jonathan Mervis will continue to serve as Chairman.
Tweedie Brown's new appointment reflects his increased involvement in strategy and public policy issues while that of Bernie Connor reflects his increased involvement in the day to day running of the PSG Group companies.
Dru Danford - Nominated Adviser - Shore Capital & Corporate Ltd 0207 408 4090
27-03-2008 - Holding(s) in Company
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14-03-2008 - Holding(s) in Company
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13-03-2008 - Holding(s) in Company
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29-02-2008 - Holding(s) in Company
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28-02-2008 - Holding(s) in Company
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22-02-2008 - Purchase of Own Shares and TVR Update
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22-02-2008 - Purchase of Own Shares and TVR Update
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20-02-2008 - Purchase of Own Shares and TVR Update
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12-02-2008 - Holding(s) in Company
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07-02-2008 - Director/ PDMR Shareholdings
Director/PDMR Shareholding
The Company has been informed, following the announcement today regarding the
purchase of its own shares which have been placed in Treasury, that the holding
of the CEO, Mr Jonathan Mervis of 1,337,500 Ordinary Shares of 20p now
represents 5.01% of the Total Voting Rights of the Company.
Dru Danford - Nominated Adviser - Shore Capital & Corporate Ltd 0207 408 4090
07-02-2008 - Holding(s) in Company
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07-02-2008 - Holding(s) in Company
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07-02-2008 - Purchase of Own Shares and TVR Update
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16-01-2008 - Holding(s) in Company
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10-01-2008 - Holding(s) in Company
The Company has today been informed by Groundlinks Ltd that its shareholding in the Company, amounting to 1,075,000 ordinary shares of 20p, represents 4.01% of the Total Voting Rights figure of 26,763,657, as announced on 8 January 2008.
For further information
Dru Danford Shore Capital & Corporate Limited 0207 408 4090
08-01-2008 - Purchase of Own Shares and TVR Update
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03-01-2008 - Holding(s) in Company
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03-01-2008 - Holding(s) in Company
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03-01-2008 - Holding(s) in Company
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13-12-2007 - Purchase of Own Shares and TVR Update
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Dru Danford - Nominated Adviser - Shore Capital & Corporate Limited 020 7408 4090
26-11-2007 - Interim Results for the six months ended 30 September 2007
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Jonathan Mervis - Chairman & CEO - PSG Solutions plc 0207 881 0800
Dru Danford - Nominated Adviser - Shore Capital & Corporate Limited 020 7468 7905
25-09-2007 - Purchase of Own Shares and TVR Update
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23-08-2007 - Holding(s) in Company
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08-08-2007 - Result of AGM
Statement at the AGM
At the AGM of the Company held today, the Chairman stated: "Trading in our PSG Franchising business has been satisfactory for the four months since the year end at 31st March 2007. If HIPs are fully implemented by the New Year, in accordance with current government statements, the financial performance for the full year could be significantly affected. PSG continues to generate positive cash flow across all divisions of the Group, and if full blown HIPs have arrived, they should be beneficial to future performance."
Julie Hester was not re-elected as a Director and therefore leaves the Board. All the other resolutions tabled in the notice of the annual general meeting were carried.
Contact:
PSG Solutions plc
Jonathan Mervis 020 7881 0800 or 07710 090170
Shore Capital and Corporate Limited – Nominated Adviser to the Company
Dru Danford 020 7468 7905
03-08-2007 - Company Website
PSG Solutions PLC (the "Company") is pleased to announce that, in compliance with AIM Rule 26, details of the Company are available on the website address www.psgsols.com
Enquiries:
Dru Danford - Nominated Adviser - Shore Capital & Corporate Limited 020 7468 7905
31-07-2007 - Holding(s) in Company
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27-07-2007 - Holding(s) in Company
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26-07-2007 - Director/ PDMR Shareholdings
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27-06-2007 - Preliminary Results
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18-06-2007 - Change of Directorate
Resignation of a Non Executive Director
John Burley gave notice today that he is resigning as a Non Executive Director of PSG with effect from 18th September 2007.
Enquiries:
Jonathan Mervis - PSG Solutions plc 020 7881 0800
Dru Danford - Shore Capital and Corporate Limited 020 7468 7905
03-04-2007 - Award of Options
The Board is pleased to announce that it has, on Monday 2nd April, granted options over 300,000 ordinary shares to Mr Bernard Cavan Connor and options over 30,000 ordinary shares to Mr Tweedie Brown. These options have been awarded at an exercise price of 72p, being the closing middle price on Friday 30 March 2007. The options are exercisable between April 2009 and not later than 4th April 2012.
Following these awards, Mr Connor has a total of 300,000 options and Mr Brown has a total of 330,000 options.
30-03-2007 - Board Appointments
The Board of PSG is pleased to announce the appointment of Tweedie Brown CBE as Group Managing Director of PSG. His present position as Managing Director of PSG Franchising Limited will be extended to include responsibility for the Group's Commercial and Public Policy and to review the expansion strategy of Audiotel International Limited ("Audiotel").
The Board is also pleased to announce, as from 2nd April, the appointment of Bernie Connor as a Director of PSG Franchising. He will become Group Director of Operations and Strategy and he will remain Managing Director of Audiotel.
Jonathan Mervis, Chairman of PSG commented:
"Tweedie Brown's new appointment reflects the increased significance to PSG of the commercial and public policy issues that follow the imminent implementation of HIPs and the potential consequences to the conveyance of property in the UK.
"Bernie Connor's background has been in the successful hands on management of IT driven businesses in previous employment and more recently at Audiotel. He is at present also involved in the main IT issues at PSG Franchising including the roll out of the IT 'SWIFT' system to the network of 83 franchisees. These franchisees provide blanket coverage throughout England and Wales where they conduct one in four of every property search and are poised to take advantage of HIP developments.
"These appointments are important for the effective management of the public policy and commercial issues at PSG and for the delivery of product and services through a dynamic IT pipeline."
APPOINTMENT OF DIRECTOR
Given below is the information regarding Mr Connor which is required by Schedule 2g of the AIM Rules:
(i) Bernard Cavan Connor - Age 52
(ii) Directorships:
Audiotel International Limited (active)
GEM Hire Enterprises Limited (inactive)
Computer Cab plc (inactive)
CityFleet Networks Limited (inactive)
DataCAb Limited (inactive)
Halda Limited (inactive)
(iii) None
There is no further information to be disclosed under sub paragraphs (iv) to (viii).
17-01-2007 - Holding(s) in Company
The Company has been informed that Artemis Investment Management Limited, and certain of its investment clients, have a notifiable interest of 2,235,000 Ordinary Shares of 20p in the Company, representing 8.22% of the company issued share capital (excluding Treasury Shares) of 27,158,240.
15-01-2007 - Holding(s) in Company
The Company has been informed that Southwind Limited and certain of its subsidiary companies have a notifiable interest of 3,475,768 Ordinary Shares of 20p in the Company, representing 12.8% of the company issued share capital(excluding Treasury Shares) of 27,158,240.
22-12-2006 - Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6 and AIM Notice 25, we would like to notify the market of the following information regarding the total number of voting rights and capital in respect of the shares of the Company which are admitted to trading on AIM:
PSG has issued share capital comprising of 27,183,240 Ordinary Shares of 20p with voting rights.
PSG holds 25,000 of these shares in treasury.
PSG does not have any other class of share which has voting rights.
Consequently PSG's total number of voting rights is 27,158,240 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in PSG, under the FSA's Disclosure and Transparency Rules.
22-12-2006 - Transaction in Own Shares
PSG announces that on Thursday 21st December, it acquired 25,000 of its ordinary shares at an average price of 59.8p per ordinary share.
The purchased shares will all be held as treasury shares. PSG now holds a total of 25,000 shares in treasury.
20-12-2006 - Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6 and AIM Notice 25, we would like to notify the market of the following information regarding the total number of voting rights and capital in respect of the shares of the Company which are admitted to trading on AIM:
PSG has issued share capital comprising of 27,183,240 Ordinary Shares of 20p with voting rights.
PSG does not hold any shares in treasury.
PSG does not have any other class of share which has voting rights.
Consequently PSG's total number of voting rights is 27,183,240 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in PSG, under the FSA's Disclosure and Transparency Rules.
14-11-2006 - Interim Results for the six months ended 30 September 2006
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02-10-2006 - Additional Listing
The Board announces that it has today applied for 400,000 Ordinary Shares of 20p to be admitted to trading on the AIM market of the London Stock Exchange.These shares are being issued in full and final settlement of an outstanding loan which the company has with Allied Trust.
The shares are expected to trade on October 6 and following this admission there will be 27,183,240 shares in issue.
14-09-2006 - Holding(s) in Company
The Company has, today, been informed that Artemis Investment Management Limited and certain of its subsidiary companies have a notifiable interest under Part IV of the Companies Act 1985 (as amended) of 1,910,000 Ordinary Shares in the Company, representing 7.13% of the issued share capital.
The total numbers of shares in issue is 26,783,240
08-08-2006 - Award of Options
The Company is pleased to announce that Mr John Burley, a non-Executive Director of the Company, has been awarded options over 100,000 Ordinary Shares at an exercise price of 57p, being the middle market closing price on Monday 7th August 2006.
Appointment of Director
Also, following the appointment of Mr James Rae as a Non Executive Director, given below is the information required by Schedule 2g of the AIM Rules:
(i) William James Rae - Age 47
(ii) Directorships:
MCDOWALL STREET (NO1) LIMITED (active)
BATTERY GREEN LIMITED (active)
(iii) None
(iv) Voluntarily declared personal bankruptcy in Bournemouth County court on 15 June 1991. Discharged from bankruptcy in 1994
There is no further information to be disclosed under sub-paragraphs (v) to (viii).
07-08-2006 - AGM Results Statement
The Company is pleased to announce that at the AGM held today, all resolutions were passed.
07-08-2006 - AGM Statement
At the AGM to be held at 11.30 a.m.today, 7 August, the Chairman Jonathan Mervis will make the following statement:
"I am pleased to report that trading in the first four months of the current financial year has been positive and is in line with the Board's and the market expectations, and we remain confident with regard to the outlook over the remainder of the year.
Recently,on 18th July,the Department of Community and Local Government made the Home Condition Report element of Home Information Packs (HIPs) non mandatory.
The Board had anticipated this possibility and had adopted a strategy to enhance PSG 's already central presence to residential conveyancing, irrespective of the implementation of HIPs and without the need for incurring significant expenditure. This is born e out by PSG's increasing market share, which continues to grow. PSG's brand,built around its quality personal search and nationwide channel to the housing market, will continue to provide a valued service whether or not HIPs , in its truncated form, becomes a legal requirement.
New products and services continue to be developed by PSG and Audiotel, which will begin to be rolled out in the second half of the year."
Appointment of Director
Following the AGM today, James Rae will join the Board. He has a background in the creation and management of property portfolios having been an advisor to the Royal Bank of Scotland and Bank of Scotland on managing respectively certain of each of their underperforming loan books. At present he heads the Environmental Real Estate Team of the Consensus Business Group , which is a significant shareholder in the Company.
Jonathan Mervis (Chairman) added:
"We look forward to working with James and feel sure he has much to contribute to the development of the Group."
For further information:
Jonathan Mervis(Executive Chairman)
PSG Solutions plc
Tel: 0207 881 0800
Mob: 07710 090 170
04-08-2006 - Holding(s) in Company
The Company has, today, been informed that Artemis Investment Management Limited and certain of its subsidiary companies have a notifiable interest under Part IV of the Companies Act 1985 (as amended) of 1,850,000 Ordinary Shares in the company, representing 6.9% of the issued share capital. The beneficial owner of the shares is Institutional Special Situations.
The number of shares in issue is 26,783,240.
13-07-2006 - Director/PDMR Shareholding
The Company has been informed that David Holme a director, has purchased 50,000 Ordinary Shares at an average price of 57.2p on 11 July 2006.
Mr Holme now has a beneficial interest in 201,500 shares representing 0.75% of the issued share capital.
The total numbers of shares in issue is 26,783,240
28-06-2006 - Preliminary Results
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02-05-2006 - Trading Update
In the Circular dated 20 January convening the EGM to raise £4,000,000, the Board stated that it anticipated that trading in the underlying businesses in the second half to 31 March 2006 would be positive.
The Board is, therefore, pleased to highlight the following:
* Trading at PSG Franchising property search operation which is PSGS's largest business, has been buoyant;
* A major restructuring at Audiotel has been completed with the appointment on 28 March of Bernie Connor as Managing Director. Bernie comes directly from Computer Cab, where, as Operations Director over the past five years he presided over the growth of pre- tax profits in the company from £1.8million to in excess of £5million;
* Moore and Buckle, PSGS's smallest operation, continues to trade steadily;
* Consequently The Board now expects that underlying profitability for the Group, before exceptional items (referred to below) will be materially ahead of current market expectations;
* A provision of £2.5 million had been made for various anticipated write downs, management changes, costs associated with the purchase and cancellation of warrants and the Audiotel restructuring. In the event, the provision required is now expected to be in the region of £1,750,000,
resulting in a considerable saving of approximately £750,000;
* A review of Head Office costs has resulted in a reduction in the running rate of 50%. The costs are, therefore, half those that were being incurred prior to the change in management.
As a consequence the overall cash flow of the company has been particularly strong.
The Board intends to continue to develop further its stated strategy of focusing on its core business and will keep the market and shareholders informed as its plans evolve.
The Board expects to announce the Preliminary Results for the year ended 31 March 2006 by the end of June.
For further information:
Jonathan Mervis - PSG Solutions plc - 0207 881 0800
Mike Sawbridge - Shore Capital - 0151 600 3722
17-02-2006 - Change of Name
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
The Company is pleased to announce that, subsequent to the announcement on 14th February, all conditions have now been satisfied and the company will appear under its new name of PSG Solutions Plc from the commencement of trading on Monday 20 February.
This information is provided by RNS
The company news service from the London Stock
Exchange FEWSMSEFE
14-02-2006 - Results of EGM
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20-01-2006 - Placing and Change of Name
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
Introduction
The Board is pleased to announce proposals to raise £4 million by the placing of 8 million new Ordinary Shares with institutional investors, directors and certain existing shareholders at a price of 50p per share,for which the Company's Nominated Adviser & Broker,Shore Capital & Corporate Limited and Shore Capital Stockbrokers Limited, have procured placees, and proposals for a one for ten consolidation of shares.It is also pleased to announce
its intention to change the name of the Company to PSG Solutions plc and to approve an executive share option scheme.
The Placing is conditional (amongst other things) upon the passing of certain resolutions by the Shareholders at an Extraordinary General Meeting of the Company which will be convened for Tuesday 14 February 2006. The Placing is also conditional on Admission of the Placing Shares to trading on AIM.
Application will be made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. It is expected that dealings in the new Ordinary Shares will commence on or around 15 February 2006. The Placing Shares will rank, pari passu, with the new Ordinary Shares in the Company.
Background
Shareholders will be aware that there have been a number of changes to the Board of the Company in the last few months. Stephen Komlosy, Edward Adams and Peter Cotgrove all stood down on 28 October 2005 whilst Jonathan Mervis was appointed Executive Chairman on 31 October 2005. On 1 December 2005, John May resigned as Finance Director and John Warwick was appointed as his replacement. On 5 January 2006 Tweedie Brown, who is the Managing Director of the Group's main operating subsidiary PSG (Franchising) Limited trading as The Property Search Group, was appointed Operations Director and David Holme was appointed as a Non-Executive Director.
The Board structure now reflects the focus on the future growth of PSG and Paterson's Financial Services,with a sensible balance between executive and non-executive directors. However, the above changes have resulted in the Group incurring material one-off costs including settlement with departing directors and the costs associated with the purchase of warrants from Messrs Komlosy and May(announced on 1 December 2005) which have totalled £598,000.
PSG
PSG, as the leading provider of Local Authority residential property searches in England and Wales currently conducts over 250,000 searches a year. The Directors estimate that its market share is more than 20% and is rising. The business based in Huddersfield owns and operates the search business in the Huddersfield/Leeds area.The rest of England and Wales is covered through an established network of 86 franchisees. Agreement has been reached for PSG to acquire the Bradford franchise adjacent to Leeds.
The Board is pleased with the progress made with the recent investigation by the Office of Fair Trading into the property search market. PSG intends to continue using its resources to ensure that the favourable objectives set by the OFT and the DTI come into being and that PSG continues to protect its legal rights and defend its position.
PSG is the largest contributor to group operating profits and the Board is confident of a further increase in profits in the current year. This is despite an estimated 20% decline in the number of residential property transactions in calendar year 2005 as compared to 2004.
Home Information Packs ('HIPS')
It was recently announced that from June 2007 HIPS would become mandatory for residential property sellers. As the leading search company, PSG is well placed to participate advantageously.It is forging relationships with estate agents and surveyors and building upon its existing solicitor client base to produce a HIP solution for the High Street. It calls this solution 'The HIP Alliance'. HIPS will necessitate the training of Home Inspectors and PSG is liaising with official government bodies to set up a training course for personnel to become the PSG 'HIP Force'.
PFS
PFS, initially acquired in January 2005 to comply with FSA regulations and to support PSG's franchise network, owns a small IFA and has developed a general insurance business mainly relating to property risk. As a result of its links with PSG, it is anticipated that profits in the year to 31 March 2007 should be significantly ahead of those in the current year.
Moore and Buckle ('M & B')
M & B provides solutions for the packaging of products which are not easily dealt with conventionally. Items for packaging may require special attention due to their inherent instability, or to the prevalent environment for their storage and use. The MOD and a major packaging company for example are customers. M & B has a team of only seven employees.
After a more difficult year in 2004/2005, the year of the factory move, the directors believe that M & B should return to gradually but consistently rising turnover and profits. Investment in clean room packaging facilities and the possible acquisition of two small businesses could further increase profits.These enhancements can be easily consolidated in its new purpose-built premises.
As M & B does not fit with the Group's core activities, the intention is that it should be disposed of on a basis which reflects its stable profitability and potential for expansion.
Audiotel
Audiotel designs and manufactures surveillance and counter-surveillance hardware and its clients are currently primarily governmental. The current substantial contract with a foreign government for £1,800,000 is an example of what can be achieved. It will deliver profits in the years to 31 March 2006 (before restructuring costs) and 2007.
The necessary restructuring of Audiotel and the overhaul of its sales strategy is in hand. This action will require additional expenditure, but should improve further future profitability.
A new commercial counter-surveillance product to provide 24 hour coverage of offices where sensitive commercial matters are dealt with is due on the market in June 2006. All indications are that there is considerable demand for this product.
Whilst Audiotel may prove to have good potential, its business is also too diverse from that of PSG/PFS. The Board will be considering the best way to optimise Audiotel's value for shareholders outside of the Group.
Investments
Given the Board's decision to concentrate on PSG/PFS, the portfolio of minority investments will be disposed of when opportunities arise. However, a review of the investments has indicated that there is a need for provisions amounting to £1,317,000 representing their current book value which will be made in the second half of the current financial year. The investment portfolio is unlikely to impact materially upon the performance of the Group.
Change of name
The Board proposes to change the name of the Company to reflect the Group's focus on its core business of providing search, insurance and related services to solicitors and their clients through PSG/PFS. A special resolution to change the name of the Company to PSG Solutions plc is set out in the notice of EGM.
Share consolidation
The Board proposes that the Ordinary Shares in the Company be consolidated on the basis of one new Ordinary Share of 20p for every 10 existing Ordinary Shares of 2p which the Directors consider to be a more appropriate par value for the Company's ordinary shares. The new Ordinary Shares will have the same rights as to voting, dividends and return on capital as the existing Ordinary Shares.
Current trading and future prospects
As has been set out above trading in all the underlying businesses is anticipated to be positive for the second half of the year to 31 March 2006. However, exceptional costs relating to the Board restructuring, the costs associated with the purchase and cancellation of the warrants, restructuring costs at Audiotel and the need for provisions against the portfolio of minority investments will total approximately £2,500,000.
The immediate opportunities for PSG are to consolidate its wholly owned search business by acquiring the Bradford franchise and to consider other appropriate franchise acquisitions. Efficiency and quality will be engendered in the franchise network through the introduction of a new IT system in February 2006 and the appointment of additional regional Business Development Managers to supplement the work of the recently appointed Director of Network Effectiveness. These initiatives should generate growth by reinforcing the success of higher performing franchisees and encouraging improvement from the lesser performing franchisees.
The strengthened balance sheet, following the completion of the Placing, and the anticipated cash flow from future profits should enable the Group to fund organic expansion and the anticipated acquisitions without the need to issue any further equity.
Placing
The Placing will raise £4,000,000 before expense(£3,800,000 net of expenses). Wheddon Limited and Southwind Limited, existing major shareholders, have agreed to participate in the Placing and will be investing £1,000,000 between them. In addition several of the main Board directors have agreed to subscribe. Jonathan Mervis will be investing £400,000, John Warwick £75,000, Tweedie Brown £10,000 and David Holme £50,000.
The Placing is conditional inter-alia on Shareholder approval of the resolutions and the Admission of the Shares to trading on AIM.
EMI Options
The Remuneration Committee has approved the terms of an EMI Share Option Scheme, which is subject to shareholder approval, under which the following options over ordinary shares will be granted:
Jonathan Mervis 1,200,000
John Warwick 350,000
Tweedie Brown 300,000
John Burley 100,000
The exercise price for the options will be 50p per new Ordinary Share and they will only be exercisable if the option holder has continued to be employed by the Company for 2 years from the date of grant of the option.
It is the Board's intention to keep the number of options outstanding at no more than 10% of the issued share capital. The option awards above will still leave available options over approximately 725,000 new Ordinary Shares, which will be available to incentivise other Group employees.
Share Buy Back Arrangements
At the forthcoming EGM the Board is also seeking a limited authority to buy back shares in accordance with the Articles and the Act if they perceive that the new Ordinary Shares are undervalued in the market with the aim of increasing shareholder value. The Directors are aware that liquidity in the shares of many smaller companies can fluctuate over time and that having available an authority to purchase shares is in the best interest of the Company and its Shareholders.
For further information:
Jonathan Mervis - London & Boston Investments plc - 0207 881 0800
Mike Sawbridge - Shore Capital & Corporate Limited - 0151 600 3722
05-01-2006 - Change of Directorate
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
The Company is pleased to announce the appointment of Mr. Tweedie Brown as Operations Director with immediate effect. Mr Brown is currently Managing Director of the Group's main operating subsidiary PSG Franchising Limited.
The Company is also pleased to announce the appointment of Mr David Holme as a Non-Executive Director with immediate effect.
Given below is the information required by Schedule 2g of the AIM Rules
(i) Tweedie McGarth Brown CBE - Age 57
(ii) Directorships:
PSG Franchising Limited - current
PSG Financial Services Limited - current
PSG Marketing Limited - current
The Army Benevolent Fund Enterprises Limited -resigned 2005
There is no further information to be disclosed under sub-paragraphs (iii) to (viii)
(i) John David Gawain Holme FCA - Age 63
(ii) Directorships:
Group Finance Director Sheffield Haworth Limited - current
Director Rolyn Investments Group of Companies - current
Finance Director of SMS Agencies Limited - Resigned 2004
Non-Executive Director Empresaria Group Plc - Resigned 2002
There is no further information to be disclosed under sub-paragraphs (iii) to (viii)
This information is provided by RNS
The company news service from the London Stock Exchange
01-12-2005 - Cancellation of Warrants
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
Acquisition and proposed cancellation of the outstanding Warrants to subscribe for shares in L&Bi.
L & Bi has acquired all the outstanding issued Warrants to subscribe for an amount equal to 20% of L&Bi's issued share capital from Stephen Komlosy and John May for a total consideration of £150,000.
It is the intention in due course to propose at a general meeting of shareholders that the Warrants be cancelled.
Proposed injection of capital
L&Bi intends to seek an injection of capital by way of a private placement of shares as soon as practicable and has begun discussions with its three major shareholders. L&Bi also intends to canvass new investment in part from
institutional investors.
01-12-2005 - Change of Directorate
LONDON & BOSTON INVESTMENTS PLC
The Board of L&Bi announces that John May will be resigning as Finance Director of L&Bi.
The Board would like to thank John May for his considerable contribution to L&Bi over the years and in particular for the support and leadership he has shown during the difficult passage in L&Bi's history in the last few weeks. The Board wishes him every success in the future.
John Arthur Warwick FCA aged 63 has been appointed Finance Director as from 1st December 2005. He was formerly the Finance Director of the AIM listed company Hansom Group plc. He has assisted numerous other businesses with their successful financial development.
There are no further disclosures to be made pursuant to schedule 2 (G) of the AIM Rules.
10-11-2005 - Change of Directorate
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
The Board of L&Bi is pleased to confirm the appointment of Jonathan Philip Mervis, 62, as Executive Chairman. Mr Mervis is a director of JP Mervis & Co Limited and was formerly chairman of Hansom Group plc and chief executive of Unigroup plc, both AIM listed companies. Mr Mervis holds 1,375,000 ordinary shares in L&Bi.
Mr Mervis is currently conducting a strategic review of the Company's operations and will report his findings to shareholders in due course.
Enquiries
Jonathan Mervis 020 7881 0800
Andrew Tan Hansard Communications 020 7245 1100
31-10-2005 - Interim Results
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31-10-2005 - Interim Report & Accounts
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
Interim Report and accounts for the six months ended 30 September 2005.
The directors of L&Bi announce that the interim report and accounts for the six months ended 30 September 2005 have been posted to shareholders today.
Copies of the report and accounts will be available, free of charge, from the Company's head office at 133 Ebury Street, London, SW1W 9QU for a period of at least one month from the date hereof.
Enquiries
John May L&Bi 020 7881 0800
Andrew Tan Hansard Communications 020 7245 1100
28-10-2005 - Result of AGM
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
At the Annual General Meeting held today resolutions to receive the financial statements, Director's report and auditors report, to re-appoint Julie Hester as a Director and to re-appoint Milsted Langdon as auditors were duly passed.
Resolutions to increase the authorised share capital, to consolidate shares, to allot shares and to disapply pre emption rights were defeated.
Enquiries:
John May L&Bi 0207 881 0800
Andrew Tan Hansard Communications 0207 245 1100
28-10-2005 - Change of Directorate
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
The Board of L&Bi announces that Stephen Komlosy (Chairman and Chief Executive), Edward Adams (Non-Executive) and Peter Cotgrove (Non-Executive) have stepped down from the Board with immediate effect and that Jonathan Mervis will be appointed a Director with effect from 31 October 2005 and will serve as Chairman.
The Company had received a request from certain shareholders to convene an Extraordinary General Meeting (the 'EGM'). The requisition has now been withdrawn.
John May remains as Finance Director and Julie Hester and John Burley remain as Non-Executive Directors. Peter Cotgrove will remain as Managing Director of L&Bi's subsidiary, Patersons Financial Services, to develop its business.
Enquiries
John May 020 7881 0800
24-10-2005 - Notice of Results
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
Interim figures for the six months ended 30th September 2005 will now be announced the week commencing 31st October 2005.
Enquiries:
Stephen Komlosy L&Bi 0207 881 0800
Andrew Tan Hansard Communications 0207 245 1100
01-10-2005 - Subsidiary IPO
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
London & Boston Investments Plc is pleased to announce that the Board has decided to actively seek admission to the AIM Market for its wholly owned subsidiary PSG (Franchising) Ltd (PSG). The Board have received an initial indication of value for PSG for an IPO in current market conditions with a range of £15 million to £18 million. This compares with the market capitalisation of L&Bi of £9.2million.
As previously stated, the Board of L&Bi has focussed its strategy on acquiring profitable businesses which it believes can be value enhanced through the addition of its centralised managerial and marketing resources. The policy of the Board is to keep its subsidiaries under review and to seek a flotation for a business where and when it considers that to be appropriate.
Having worked closely with PSG and its franchisees the Board believes the business has been substantially developed with, amongst other initiatives, the introduction of several new products, pricing packages, marketing techniques and increased market share. As such before Group management charges, PSG made a profit in the year to 31/3/2005 of £2m EBIT (Earnings Before Interest and Tax) and is ahead of its budget for the six months to 30/09/2005 at £1.2m EBIT on the same basis.
Shareholders will be kept fully informed with developments and it is intended that the Group's Interim figures for the six months ended 30th September 2005 will be released on Monday 24th October 2005.
-Ends-
Enquiries:
Andrew Tan Hansard Communications 020 7245 1100
Stephen Komlosy L&Bi 020 7881 0800
30-09-2005 - Notice of Annual Report & Accounts
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
The directors of L&Bi announce that the report and accounts for the year ended 31 March 2005 have been posted to shareholders today.
The Company's annual general meeting will be held at 5pm on 28 October 2005 at the offices of Wallace LLP, One Portland Place, London, W1B 1PN.
Copies of the report and accounts will be available, free of charge, from the Company's head office at 133 Ebury Street, London, SW1W 9QU for a period of at least one month from the date hereof.
Enquiries
Stephen Komlosy L&Bi 020 7881 0800
Andrew Tan Hansard Communications 020 7245 1100
21-09-2005 - Conversion of Loan Note
LONDON & BOSTON INVESTMENTS PLC
('L&Bi' or 'the Company')
London & Boston Investments Plc announces the conversion of a £50,000 Loan Note (plus accrued interest) into 929,575 ordinary shares at 5.65p per share, being the average mid-market closing price of L&Bi ordinary shares for the ten days prior to the date on which notice to convert was given. The recipient of the shares, Novation Capital Limited, is a company owned by Peter Cotgrove FCA who is a director of L&Bi The £50,000 Loan Note was issued pursuant to the acquisition by L&Bi of Patersons Financial Services Ltd, a general insurance broker, as part of the £100,000 acquisition consideration. This acquisition was completed on 30 December 2004.
Application has been made for the admission of 929,575 ordinary shares to trading on the AIM market. The new ordinary shares will rank pari passu with the existing ordinary shares of the Company and dealings in the new ordinary shares are expected to commence on 27 September 2005.
-Ends-
Further Information:
Stephen Komlosy L&Bi 0207 881 0800
Andrew Tan Hansard Communications 0207 245 1100