PBH Prestbury Hds

    RNS Number : 3547K
  Prestbury Holdings PLC
  18 December 2008
   

    18 December 2008

    Prestbury Holdings PLC 
    ("Prestbury" or "the Company")

    Further Re. Transfer of appointed representatives and trading update

    On 25 September 2008, the Company announced that its wholly-owned subsidiary, Prestbury Financial Limited ("PFL"), had completed the
agreement to consent to the transfer up to 80 appointed representatives affiliated with PFL ("ARs") to Personal Touch Financial Services
Limited ("PTFSL"). 

    Subsequently, PFL has been seeking to process the transfer of the ARs. However, PFL has encountered problems in transferring a number of
the ARs who have either decided to transfer to a different company or who have not reached acceptable commercial terms directly with PTFSL.
Furthermore, certain life companies have made claims for clawback commissions on PFL in respect of policies written by ARs which have now
been cancelled.  This has had the effect of the life companies withholding payment of commissions which were expected to be received by PFL.
 In addition, PFL is owed approximately �360,000 by ARs who have been unable in the present climate to pay PFL.  These matters have had a
dramatic adverse effect on PFL's cashflow. At a court hearing held yesterday, a winding up petition by a creditor of PFL was granted and The
Official Receiver was appointed to PFL. 

    Financial position of the Company

    At 31 December 2007, the Company's principal asset was its investment in PFL. The Company is also owed �0.85 million by Prestbury
Investment Management Limited, a sub-prime packaging specialist company which has been badly affected by the withdrawal of providers from
the credit market owned and controlled by Lee Birkett and S.J. Keenan, which is fully provided against in the Company's books.  The Company
has no cash resources of its own and is unable to publish the interim results for the six months ended 30 June 2008 and satisfy the
Company's nominated adviser as to its financial position and its appropriateness to remain on AIM. 

    John East & Partners Limited has advised the Company that it has resigned as Nominated Adviser to the Company with immediate effect.

    Trading in the Company's shares will remain suspended until the appointment of a replacement nominated adviser. If no such appointment
is made by 18 January 2009, trading of the Company's shares on AIM will be cancelled. If a nominated adviser is appointed by 18 January
2009, trading in the Company's shares will remain suspended until the announcement of the interim results for the six month period to 30
June 2008 and clarification of the Company's financial position.  If the suspension of trading is not lifted by 10 March 2009, then trading
of the Company's shares on AIM will be cancelled.

    Further enquiries

 Prestbury Holdings plc              Telephone


 David Anderson (Non- Executive)  01242 530224


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