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Burt tells investors: Promethean deal close

A DEAL that will effectively see Sir Peter Burt's Promethean investment vehicle wound up could be signed within weeks, the former Bank of Scotland chief has told investors.

In his statement in the company's annual report for the year to June 30, Sir Peter confirmed the company had exited two of three remaining investments.

Negotiations continue for a reverse takeover by its final investment, traded endowment policy specialist TIS, of Promethean that will acquire its stock market listing as a renamed multi-strategy investment company.

"Professional advisers are preparing the formal documentation necessary to obtain the approval of all parties concerned and it is hoped that these documents will be sent out in the next few weeks," he said.

"The board is strongly supportive of the proposed transaction and will be recommending its acceptance by the shareholders."

Promethean directors are to ask shareholders to vote in favour of the company's continuation at its annual investor meeting on the Isle of Man on December 30.

"In the event that the proposed reverse takeover transaction does not proceed, the board will discuss with shareholders the options available," he said.

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