Cleardebt Group PLC
27 March 2007
ClearDebt Group PLC
('ClearDebt' or 'the Group')
Referral Agreement with The Money Helper
ClearDebt Group PLC, the Aim Quoted IVA provider is pleased to announce the
signing of a significant referral agreement with The Money Helper ('Money Helper
', or 'MH')
Highlights
O Referral agreement with The Money Helper could eventually provide an
additional 100 new IVAs per month to the Group.
O Consideration will be the issue of warrants in ClearDebt on a sliding
scale based on volumes of referrals.
ClearDebt announces that it has entered into an agreement with Darren
Ferneyhough and Michael Cooke, trading as 'The Money Helper', under which MH
will introduce to ClearDebt, co-ordinating Independent Financial Advisors who
will subsequently introduce indebted individuals to ClearDebt for the purpose of
arranging an Individual Voluntary Arrangement ('IVA') on the most appropriate
advice basis.
Consideration for the referral of the IVAs will be paid by reference to a
sliding scale and will be satisfied by the issue to Darren Ferneyhough and
Michael Cooke of up to 10,000,000 warrants to subscribe for ordinary shares of
2p each in the capital of ClearDebt ('Ordinary Shares') (the 'Warrants'). Each
Warrant will give the holder the right to subscribe for one Ordinary Share at a
subscription price of 3p per share at any time until 26 March 2010.
ClearDebt believes that this agreement has the potential to provide an
additional 100 IVAs per month.
David Mond, CEO of ClearDebt Group PLC commented
'This is an excellent arrangement for the Group, as it has the potential to
increase our IVAs per month to an average of 120 per month. We believe that this
will see the start of ClearDebt becoming a major player in the IVA arena.
We are confident that our flexible kaizen derived systems will be able easily to
cope with the increased level of IVAs that we believe will flow from this
arrangement. We will also ensure proper control of the increased work flow over
the coming months in order to maintain our excellent reputation for efficiency,
fee transparency and our ethical approach in the market place with both
creditors and the indebted consumer.
With the potentially increased cash flows, matched by our efficient systems, we
are very confident about the Group's future prospects. The Board is still in
negotiations with a number of other referrers and will remain alert for any
further opportunities which may enhance the Group's value.'
Mike Cooke from The Money Helper said
'The selection of ClearDebt as our working partner for IVA business came after a
lengthy investigative period, the results of which have convinced us that
ClearDebt offers the best service to all participants in the IVA process:
debtors, creditors and administrators, guaranteeing an exceptional level of
satisfaction for all concerned. We look forward to working together to make this
initiative a success.'
For further information, please contact
David Mond, CEO, ClearDebt Group PLC Tel: 0161 228 7444
Andrew Smith, Marketing Director, ClearDebt Group PLC
Tel: 0161 244 5430
David Youngman, WH Ireland Tel: 0161 832 2174
Paddy Blewer Tel: 020 7457 2020
Richard Pearson
College Hill Associates
This information is provided by RNS
The company news service from the London Stock Exchange MGGZFNVNGNZM
