PenMc plc (formerly Kingsbridge Holdings plc), an AIM quoted company, is a Manchester based cash shell.
The Investment Strategy of the Company in the context of the current AIM rules, approved at the Annual General Meeting of the Company on 30 March 2006, is as follows:
The Directors will be actively seeking to invest in a company or business that is well positioned in a business sector with above average growth potential. The chosen business sector is likely to be in consumer services. The Directors have extensive experience of acquiring and managing both public and private companies and this experience will be used to carry out due diligence, supplemented by investigating accountants as appropriate, and to evaluate proposed investments.
PenMc announced on 6 July 2007 that on 4 July 2007 it received payment of £290,000 in respect of further consideration resulting from the sale of the Benson McGarvey business recorded in the accounts for the year ended 31 August 2003. Due to uncertainties over its recovery, this asset was only recognised as a contingent asset in the accounts for the year ended 31 August 2006 and its receipt therefore represents a significant step forward for the Company.
At the Annual General Meeting of the Company held on 27 March 2007, it was announced that the Investment Strategy of the Company had not been fulfilled. As a result, the shares of the Company have been suspended for 6 months as of 2 April 2007 and in the event that the strategy is still unfulfilled, the Company's listing on AIM will be cancelled on 3 October 2007.
Following the cash inflow of £290,000, the Directors will now endeavour to implement the Investment Strategy and make a proposal to shareholders although it may be difficult to achieve this prior to 3 October 2007.