REG - Paternoster Res. - Announcement re. Plutus PowerGen plc <Origin Href="QuoteRef">PRSPA.L</Origin>

Riverfort Global OpportunitiesAnnouncement

24/05/2016 17:50

RNS Number : 1881Z
Paternoster Resources PLC
24 May 2016
24 May 2016
Paternoster Resources plc
("Paternoster" or the "Company")
Further to an announcement on 19 February 2016, varying the terms of the call option agreements with Philip Stephens and Paul Lazarevic, the CEO and COO of Plutus Powergen plc ("Plutus") respectively, with regard to certain of its shares in Plutus, the Company today announces that these options have now been exercised.
The call option agreements were granted to Philip Stephens and Paul Lazarevic by Paternoster, as part of the acquisition of Powergen Limited by Plutus plc. These agreements related to a total of 20 million existing ordinary shares of 0.1 pence each ("Plutus Share") and were exercisable up until 22 February 2016, at a price of 0.6 pence per Plutus Share. Paternoster had agreed to extend the exercise period of the call options by three months to 22 May 2016, whilst increasing the exercise price by 25% to 0.75 pence per Plutus Share. 
This sale of Plutus shares under these agreements for 150,000, represent a return for the Company of 3 times its original investment. Paternoster continues to hold 49.3 million, or 7.1%, of Plutus's issued shares.
Nicholas Lee, Chairman said:
"This is another example of where Paternoster has been able to realise a significant return from its investment portfolio which, in aggregate, is currently worth around 3.5 million and comprises mainly cash and listed investments."
For more information please contact:
Paternoster Resources plc:

Nicholas Lee, Chairman
Matt Lofgran, Non-Executive Director
+44 20 7580 7576
+1 480 993 8933
Nominated Advisor and Joint Broker:

Stockdale Securities

Antonio Bossi/David Coaten
+44 20 7601 6100
Joint Broker:

Peterhouse Corporate Finance

Lucy Williams
+44 20 7562 3351

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