Proposed return of cash to Shareholders
June 23 2011 - 2:00AM
UK Regulatory
TIDMEVT
23 June 2011
Eurovestech plc
("Eurovestech" or the "Company")
Proposed return of cash to Shareholders
Eurovestech is pleased to announce that it has received GBP25 million in cash
from ITWP Acquisitions Limited ("ITWP") in accordance with ITWP's commitment
under the terms of the scheme of arrangement for ToLuna plc ("the Scheme of
Arrangement"). Eurovestech continues to hold loan notes with a nominal value of
GBP12.2 million and approximately 10 per cent. of the issued share capital of
ITWP, the holding company of ToLuna Limited (formerly ToLuna plc). ITWP may
redeem the remaining loan notes before 30 June 2012 and to the extent such loan
notes are not redeemed, they will be converted into shares in ITWP.
At the time of the announcement of the Scheme of Arrangement, Eurovestech
provided an indemnity up to a maximum liability of GBP2.6 million which was
payable in certain circumstances. This indemnity has now been extinguished at
no cost to the Company.
It is the current intention of the directors of Eurovestech to recommend the
return to shareholders of in excess of half of the GBP25 million proceeds and
will provide an update as to the most appropriate method of capital
distribution following consultation with the Company's major shareholders.
Further information:
Eurovestech plc
Richard Bernstein Tel: 020 7491 0770
Chief Executive www.eurovestech.com
Merchant Securities Limited (Nomad)
David Worlidge/Simon Clements Tel: 020 7628 2200
Cenkos Securities plc (Broker)
Ivonne Cantu Tel: 020 7397 8900
Note to Editors:
Eurovestech's total cost of investment in ToLuna plc was GBP2 million. Since
ToLuna was floated on AIM in 2005, Eurovestech has received dividends amounting
to GBP1.1 million from ToLuna and realised GBP39.2 million in cash from the sale of
ToLuna shares.
END
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