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Date/Time	Headline	Source
1
12-10-09	FSA probes possible market abuse by ex Cattles execs	AFX UK Focus
LONDON, Oct 12 (Reuters) - Britain's financial services regulator is investigating possible market abuse by former directors of troubled sub-prime lender Cattles, sources familiar with the matter said on Monday. `The value of Cattles was virtually wiped out earlier this year after accounting errors related to toxic loan provisions left it saddled with 700 million pounds ($1.1 billion) of bad debts and forced it to suspend senior executives.` `The sources said the Financial Services Authority (FSA) was investigating possible wrongdoing by directors at the company over an April 2008 rights issue, in particular whether they deliberately made misleading statements to support the call.` `Behaviour that distorts the market in an investment counts as market abuse. The criminal offence of making misleading statements or "engaging in a course of misleading conduct" can carry a jail sentence of up to seven years.` `Cattles has already carried out an internal investigation, led by Deloitte and law firm Freshfields Bruckhaus Deringer. The review, completed in July, led Cattles to fire six suspended senior executives and to start disciplinary action against a number of other employees.` `Cattles and the FSA declined comment.` (Reporting by Clara Ferreira-Marques; Editing by David Holmes) ($1=.6304 Pound) Keywords: CATTLES FSA/ (clara.ferreira-marques@reuters.com; +44 207 542 3214; Reuters Messaging: rm://clara.ferreira-marques.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
16-09-09	BRIEF-Cattles says talks progressing on standstill agreement	AFX UK Focus
LONDON, Sept 16 (Reuters) - Cattles PLC: CONFIRMS PROGRESSING TALKS ON STANDSTILL AGREEMENT WITH REPRESENTATIVES OF `its key financial creditors` ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
16-09-09	Cattles PLC - Update on standstill negotiations	RNS
RNS Number : 1347Z Cattles PLC 16 September 2009 16th September 2009 Cattles plc Update on standstill negotiations In response to press comment, Cattles today confirms that it is progressing its discussions to agree a standstill agreement with representatives of its key financial creditors. A draft of the heads of terms for a standstill agreement is now being considered by the key financial creditors and by the board of Cattles and relevant subsidiaries. It is not certain that these financial creditors will approve the heads of terms or that a standstill agreement will be successfully concluded. Cattles does not consider it appropriate to comment on specific provisions in the draft heads of terms at this time. However, Cattles will continue to discharge its obligation to update the market as appropriate on any developments. ENDS For further information please contact: Margaret Young, Executive Chairman, Cattles plc Paul Marriott, Financial Dynamics Tel: 020 7269 7252 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END MSCIIFSRADIRLIA More
14-09-09	Cattles PLC - Cattles completes sale of Cattles Invoice Finance	RNS
RNS Number : 9851Y Cattles PLC 14 September 2009 14 September 2009 Cattles plc Cattles plc completes the sale of Cattles Invoice Finance Limited to AnaCap Following approval of the shareholders at the General Meeting on 27 August 2009, the Board of Directors of Cattles plc ("Cattles") today announces that it has completed the sale of the entire issued share capital of Cattles Invoice Finance Limited (together with its subsidiary Cattles Invoice Finance (Oxford) Limited) (the "CIF Group") (the "Disposal") to ABS FS Limited, a company controlled by funds managed by AnaCap Financial Partners. The consideration for the Disposal is £10.8 million in cash (which is equal to the expected net asset value of CIF Group as at completion of the Disposal) plus the repayment of inter company loans of £59.6 million, subject to final adjustments, on a pound for pound basis, for the net assets and inter company balances as at completion, after the preparation of completion accounts, and subject to certain retentions as described in the circular to shareholders dated 11 August 2009. The proceeds of the Disposal will, after deduction of Disposal related costs and the amounts to be paid into the retention account, be used to repay bank indebtedness of approximately £65.6 million in consideration for the release of the bank guarantees previously given by Cattles Invoice Finance Limited and Cattles Invoice Finance (Oxford) Limited. This forms part of the Board's strategy of working closely with Cattles' debt providers to sustain their support for the Cattles group's action to stabilise its financial position, preserve liquidity and reshape significantly the continuing Cattles group. Cattles is still in constructive discussions with its key financial creditors to obtain a standstill agreement. For further information please contact: Margaret Young, Executive Chairman, Cattles plc Geoffrey Pelham-Lane/Paul Marriott, Financial Dynamics Tel: 020 7269 7252 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END DISLIMRTMMABMTL More
02-09-09	UPDATE 1-Cattles says to close Welcome branches, cut staff	AFX UK Focus
LONDON, Sept 2 (Reuters) - Troubled sub-prime lender Cattles said on Wednesday it may cut up to 510 jobs at its Welcome Finance unit as it proposes closing 30 branches to reflect current levels of lending. `The lender, whose shares are suspended, is saddled with 700 million pounds ($1.14 billion) of bad debt after being hit by the credit crisis, its reliance on expensive wholesale funding and poor impairment provisioning which led to the sacking of its finance director and senior executives.` `Chairman Margaret Young said it is still in "constructive discussions with its key financial creditors to obtain a standstill agreement".` `Cattles is in talks with lenders to agree a formal standstill agreement after extending the maturity of the 500 million pound banking facility until the end of the year.` `The group said on Wednesday it is mulling closing branches where leases have expired or are due to expire as part of its ongoing review of its principal Welcome business.` `It closed its doors to new customers in January to conserve cash.` `The lender said the review will involve a reduction in the number of its sales and support teams. It will enter into a consultation period with staff affected by the proposals with approximately 510 staff at risk of redundancy.` `"These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity," said Young.` `(Reporting by Lorraine Turner; Editing by Julie Crust) ($1=.6126 Pound) Keywords: CATTLES/` (lorraine.turner@thomsonreuters.com; +44 20 7542 9597; Reuters Messaging: lorraine.turner.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
02-09-09	BRIEF-Cattles says 510 staff at risk of redundancy	AFX UK Focus
LONDON, Sept 2 (Reuters) - Cattles PLC: PROPOSES THE CLOSURE OF 30 BRANCHES OF WELCOME FINANCIAL SERVICES WHERE LEASES HAVE EXPIRED OR ARE DUE TO EXPIRE REDUCTION IN THE NUMBER OF ITS SALES AND SUPPORT TEAMS APPROXIMATELY 510 WILL TODAY RECEIVE NOTICE THAT THEY ARE AT RISK OF `redundancy` STILL IN CONSTRUCTIVE DISCUSSIONS WITH ITS KEY FINANCIAL CREDITORS TO OBTAIN `a standstill agreement` ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
02-09-09	Cattles PLC - Potential Staff Reductions	RNS
RNS Number : 3668Y Cattles PLC 02 September 2009 2 September 2009 Cattles plc Potential Staff Reductions at Welcome Financial Services The Board of Cattles plc ("Cattles") today announces proposed changes in the organisation of its subsidiary Welcome Financial Services Limited ("Welcome"). As part of an ongoing comprehensive review of the Welcome business, Cattles proposes the closure of 30 branches where leases have expired or are due to expire and a reduction in the number of its sales and support teams. Cattles' new management team believes that the proposed measures better align the network with reduced levels of lending and will deliver efficiencies in line with Cattles' commitment to manage the business through cost-efficient operations and improved cash collection processes. Cattles will now enter into a consultation process with staff affected by the proposals, of whom approximately 510 will today receive notice that they are at risk of redundancy. Commenting on the plans, Margaret Young, Executive Chairman of Cattles, said: "These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity. Cattles is still in constructive discussions with its key financial creditors to obtain a standstill agreement." END - For further information: Margaret Young, Executive Chairman, Cattles plc Paul Marriott, Financial Dynamics Tel: 020 7269 7252 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END MSCFGGGLLMVGLZM More
27-08-09	Cattles PLC - EGM Statement	RNS
RNS Number : 1141Y Cattles PLC 27 August 2009 27 August 2009 CATTLES PLC GENERAL MEETING At the General Meeting of Cattles plc held today at 10.30 am at Congress Centre, 28 Great Russell Street, London, WC1B 3LS the following resolution was passed on a show of hands as an ordinary resolution: Ordinary Resolution That the proposed disposal of the entire issued share capital of Cattles Invoice Finance Limited, as described in the circular to Shareholders dated 11 August 2009 (the "Circular"), of which this notice forms part, on the terms and subject to the conditions of the Disposal Agreement (as defined in the Circular), and the ancillary actions and arrangements described in the Circular, be approved subject to such modifications, variations, amendments, revisions or waivers (being not of a material nature) to their terms and conditions as the Directors (or any duly authorised committee of the Directors) shall in their absolute discretion think fit and that the Directors (or any such committee) be authorised to do all such things as they or it may consider to be necessary or expedient to implement such sale or in connection with it. The proxy votes lodged with the Registrars before the General Meeting were as follows: `Number of shares in respect of Votes For Discretionary Votes Votes Against Votes Withheld` `which proxies were validly` `appointed` `79,579,405 76,602,480 1,579,745 1,116,670 280,510` For further information, please contact: Roland Todd, Company Secretary, Cattles plc Tel: 01924 444466 <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END EGMILFSITSIDFIA More
25-08-09	BRIEF-Cattles says still in talks with creditors	AFX UK Focus
LONDON, Aug 25 (Reuters) - Cattles PLC: STILL IN TALKS WITH CREDITORS TOWARDS ACHIEVING STANDSTILL AGREEMENT SAYS "COMPLEX NEGOTIATIONS" ARE NOT EXPECTED TO BE CONCLUDED FOR SOME TIME ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
25-08-09	Cattles PLC - Statement on Interim Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 9905X Cattles PLC 25 August 2009 Cattles plc 25 August 2009 CATTLES PLC Statement on Interim Results Cattles plc (Cattles) announced on April 23rd 2009 that, in view of the continuing negotiations with its debt providers to seek a restructuring of its finances, it was not in a position to publish its report and accounts for the year ended December 31st 2008, as required by Disclosure and Transparency Rule (DTR) 4.1.3. As a result, the Company requested a suspension of trading in its securities pending that publication. Cattles remains in constructive discussions with its key financial creditors towards achieving a formal standstill which would permit restructuring discussions to commence. However, these complex negotiations are not expected to be concluded for some time. Cattles will therefore not be in a position to publish its half-yearly financial report for the six months ended 30 June 2009 by 31 August 2009 as is required by Disclosure and Transparency Rule (DTR) 4.2.2. A further announcement will be made when appropriate. Enquiries: Margaret Young, Executive Chairman, Cattles plc Paul Marriott / Georgina Turner, Financial Dynamics Tel: 020 7269 7252 --------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END SRSEALPSASANEFE More

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