Investment
18 11월 2005 - 11:16PM
UK Regulatory
RNS Number:3692U
Emerging UK Investments Plc
18 November 2005
FOR IMMEDIATE RELEASE 18 November 2005
EMERGING UK INVESTMENTS PLC ("EUKI" OR "THE COMPANY")
REVISED SHARE EXCHANGE AGREEMENT WITH VIATRADE PLC
The Board of Emerging UK Investments Plc ("EUKI" or "the Company"), announces
today that it has entered into a revised share for share exchange agreement
with Viatrade PLC ("Viatrade"), an Ofex traded investment company with a
portfolio of investments in both quoted and unquoted companies.
The original agreement as detailed in the regulatory announcement of 19 July
2005, was conditional on the mid-market prices of Viatrade and EUKI on Ofex and
AiM respectively, not falling by ten per cent. averaged over any five
consecutive business days prior to the passing of the Resolutions by Viatrade.
As the price of EUKI has dropped below this limit, EUKI and Viatrade have agreed
revised terms as follows:
EUKI will acquire 272,600 new Ordinary shares at 1p each in Viatrade
representing 20% of the enlarged share capital of Viatrade.. The consideration
for the acquisition amounting to #55,201 is the issue of 650,000 Ordinary shares
of 1p each (520,419 as previously proposed) to be issued at a price of 8.49p.
These shares, when issued, will rank pari passu with the existing shares in
issue and application will be made for these shares to be traded on AIM.
The auditors to the Company have provided a new report under Section 103 of the
Companies Act.
The Directors believe this investment will enhance the existing portfolio.
As Mr Richard Henstock is a director of both Emerging UK Investments and
Viatrade, and a significant shareholder in Viatrade, the transaction is Related
Party under the AIM Rules. Accordingly, Messrs Renwick Haddow and Andrew Moore
confirm that having consulted EUKI's Nominated Adviser, the transaction is fair
and reasonable insofar as the shareholders of the Company are concerned.
Following the transaction, Viatrade will hold 650,000 Ordinary shares of 1p each
in the Company representing 6.8 per cent. of the issued share capital.
Enquiries:
EMERGING UK INVESTMENTS PLC 07966 130 182
Renwick Haddow
VIATRADE PLC 07831 456 795
Richard Henstock
BEAUMONT CORNISH LIMITED 0207 628 3396
Noelle Greenaway/Roland Cornish
This information is provided by RNS
The company news service from the London Stock Exchange
END
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