Promethean plc, a major shareholder in Cambria Automobiles, announced yesterday its intention to distribute its shareholding in the AM100 group to shareholders.
The date for the distribution will be the September 7, 2012.
Promethean, an investment fund which helped Cambria founder Mark Lavery start the group, announced it wanted to sell its stake in August 2011.
The investment fund, which has a 33% stake in Cambria after most of stake was released in the dealer group's flotation on the Alternate Investment Market (AIM) last year, was locked in to Cambria until June 2012 as part of the flotation.
Under the terms of Cambria's admission to the Alternative Investment Market (AIM) in 2010 and the lock-in agreement signed at that time between the Promethean and Cambria, no distribution of shares could be made before June 30, 2012.
Jeremy has been a journalist for 30 years, 20 of which have been in business-to-business automotive. He was a writer and news editor on AM-sister brand Fleet News for three years before setting up the AM website. For the last five years he has been Bauer B2B’s head of digital helping to manage the digital assets of AM, together with Fleet News, Commercial Fleet, Rail and Smart Transport.
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