News Column

UPDATE: Promethean To Change Name To Link & Prosper, Resumes Trading

May 2, 2014

Samuel Agini

LONDON (Alliance News) - Shares in Promethean PLC resumed trading on AIM Friday afternoon after the company said it finalised its agreement to acquire the remainder of TIS Holdings Ltd in a reverse takeover and proposed to change its name to Link & Prosper PLC.

Promethean shares had been suspended since September 19, 2013 while it worked on the transaction with the shareholders of The Protected Asset TEP Fund PLC (PATF), an open-ended investment company regulated in the Isle of Man.

In a prospectus, Promethean said Katherine Spiteri, TIS's acting chief executive, will be the enlarged group's chief executive. Spiteri is currently a non-executive director of PATF.

Rupert Cottrell is the proposed non-executive chairman. He also is chairman of Arricano Real Estate PLC, the AIM quoted Ukrainian commercial real estate company and has been chairman of PATF since July 2011.

Promethean already owned 59% of TIS, a provider of insurance-linked and alternative investment products.

In the prospectus published Friday, Promethean said its number of shares in issue will increase to between 408.8 million shares and 938.3 million shares from 45.2 million shares following the transaction. Based on the minimum enlarged capital, Promethean's market capitalisation will be about GBP53.0 million upon admission.

"The board of the enlarged group intends to establish a strategy which exploits the TIS Group's reputation as a provider of insurance-linked and alternative investment products, and will utilise the expertise of its workforce to diversify its offerings to include other investment products in addition to TEPs. It is intended that the enlarged group will earn investment management and other investment service fees from its operating subsidiaries," according to the prospectus.

TIS is a financial services company with an historical focus on traded endowment policies and an increasing presence in the multi-strategy alternative investment funds market.

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Source: Alliance News

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