CFG Conister Fin

    RNS Number : 7829K
  Conister Financial Group plc
  24 December 2008
   

    FOR IMMEDIATE RELEASE                        24 December 2008 

    Conister Financial Group plc
    ("CFG" or the "Company")

    Corporate Update


    The Company announced on 29 September 2008, that it had agreed to dispose of 51% of its pre-paid card subsidiary, TransSend Holdings
Limited ("TransSend"), by way of 10% to Altair Financial Services International Plc ("Altair") and 41% to Equity Special Situations Limited
("ESS"), the latter having a minority shareholding in Altair. 

    On the 13 November 2008 the Company announced that "Following the suspension of ESS on 15 October 2008, the Company notes the
announcement made by ESS on 7 November 2008, concerning their financial position which includes the following paragraph:

    "Should ESS fail to reach agreement with its creditors and debt providers and/or fail to raise the necessary funds from the sale of
certain assets, it is likely that the Directors will be forced to take steps to seek formal protection from the Company's creditors.

    The Company is in the process of reviewing the implications as regards the TransSend disposal. Given the circumstances, it is not now
possible to progress the operational milestones (including the granting of an FSA e-money licence to TransSend) within the stipulated six
months of the agreement. "

    The Company noted the announcement made by ESS on 18 December 2008 "*that the Guernsey Courts appointed joint liquidators to the Company
(ESS) at 11.00am today." As a consequence of this the ESS shareholding in TransSend was transferred to Altair and the Company at par value,
in proportion to their holding in TransSend, as required by the shareholder agreement executed on 29 September 2008. The Company acquired
34% of TransSend for �8.50, increasing its holding to 83% and Altair increased their stake by 7% for �1.75, increasing its holding to 17%.

    Subsequent to this the Company purchased Altair's shareholding in TransSend for �35,000. The Company now therefore owns 100% of
TransSend.

 For further information, please contact:
 Conister Financial Group plc
 Arron F A Banks 
 Tel 01624 694694

 Beaumont Cornish Limited
 Roland Cornish 
 Tel +44 (0) 20 7628 3396 

 Britton Financial PR
 Tim Blackstone
 Tel  07957 140416



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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