The Directors of JLG Group Plc (“JLG Group”) announce that two subsidiaries of Just Finance Loans and Investments Plc, PWE Holdings Plc (“PWE”) and City Oils Group Ltd (“COG”), have been sold as a consequence of which JLG Group are no longer involved in the ownership of those two companies.
PWE is involved in the sale and installation of Combined Heat and Power (“CHP”) turbines and COG, with the collection and processing of contaminated fuels. Neither business activities fit well with the main activity of the JLG Group as a Neo Bank and Alternative Business Lender.
The purchaser of the two companies, Green Ops Ltd, is owned by the same shareholders as JLG Group and in the same proportions as existed on the date of sale, 19 December 2019.
The separation of the two businesses from JLG Group will allow the management of Green Ops and JLG Group to concentrate on the development of their businesses without the distraction of unrelated activities.
The Directors of the Issuer accept responsibility for the contents of this announcement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Boot - FD
JLG Group Plc
Telephone: +44 203 199 6379
CSE Nominated Advisor
Nick Michaels and Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: +44 203 772 0021
6 February 2020