SPARK acting as independent financial advisor to Thistle Pub Company III plc (“TPC3”)

SPARK Advisory Partners Limited (“SPARK”) has been appointed by the independent directors of TPC3 to conduct a Formal Sale Process, under the Takeover Code, to seek potential buyers for the entire issued share capital of TPC3. The process commenced on 11 February 2013. TPC 3 is a successful pub owner, owning a bespoke portfolio of seven freehold pubs (“the Estate”) across central Scotland. TPC 3 was established under the Enterprise Investment Scheme of 2006/7, and following the expiry of the EIS holding period, but before the conclusion of the current Management and Supply Agreements in mid-2013, by which the Manager operates the Estate, the Board is seeking a sale on terms acceptable to the Board and its shareholders.