GFG Greatfleet

RNS Number:5146Q
Greatfleet PLC
01 February 2007

For embargoed release at 7 a.m.                                1 February 2007



                                 Greatfleet plc
                        ("Greatfleet" or the "Company")

                Trading update and related party transactions



Trading update



On 14 September 2006, Greatfleet announced its unaudited results for the six
months ended 30 June 2006. Since the announcement of the interim results the
Company has continued to expand organically in its core financial services and
legal marketplaces and the Board anticipates that the Company's overall results
for the year ended 31 December 2006 will be in line with their expectations,
before goodwill amortisation and any charges under FRS 20 'Share Based Payments'
("FRS 20").



Included within the results for the year to 31 December 2006 will be #187,000 in
relation to the write back of certain liabilities associated with the sale of PS
Publications Limited and other add backs as a consequence of the related party
transactions detailed below.



FRS 20 requires the Company to expense share options granted to employees and
directors and, in line with the requirements of UK standard accounting practice,
the Company will be adopting FRS 20 for the first time in the year to 31
December 2006. This will result in a small charge in respect of the year to 31
December 2006.



Related party transactions



Certain directors of the Company (being Stuart Blake, Nigel Grant and
Christopher French) have entered into agreements with the Company to waive a
total of #235,000 owed to them in directors' loans relating to the operations of
Greatfleet Limited prior to its acquisition by the Company. The writing off of
these directors' loans constitutes a related party transaction for the purposes
of the AIM Rules. The Board of the Company (excluding Stuart Blake, Nigel Grant
and Christopher French) consider, having consulted with Noble & Company Limited,
the Company's nominated adviser, that the terms of the waiver of these
directors' loans are fair and reasonable insofar as the Company's shareholders
are concerned.



Furthermore, the Company has today agreed with General Capital Venture Finance
Limited ("General Capital") (a company of which Greatfleet's chairman, Jonathan
Hill, is a director) that #72,500 of loan arrangement fees due from the Company
to General Capital (incurred from the time of the Company's refinancing in July
2005 up until December 2005) will also be waived. The Board of the Company
(excluding Jonathan Hill) consider, having consulted with Noble & Company
Limited, the Company's nominated adviser, that the terms of the waiver of the
loan arrangement fees due to General Capital are fair and reasonable insofar as
the Company's shareholders are concerned.



The Company's results for the year ended 31 December 2006 will be announced on
Thursday, 29 March 2007.



Stuart Blake, Chief Executive Officer, commented:



"Following a year of transition, we continue to make good progress in
implementing our research led strategy across our core markets in financial and
professional services. The demand for professionals within these marketplaces
remains strong given the continued competition for talent and our business
methodology provides the Group with a real competitive edge. As a result we
enter 2007 with confidence."



For further information please contact:

Greatfleet plc
Jonathan Hill, Chairman                            020 7194 7700
Stuart Blake, Chief Executive Officer              0845 881 0700

Noble & Company Limited
Nick Naylor                                        020 7763 2200
Nick Athanas

Parkgreen Communications Limited
Justine Howarth                                    020 7851 7480
Victoria Thomas









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

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