Result of AGM and Trading Update


 

TIDMMVC 
 
RNS Number : 5941B 
Medavinci PLC 
29 October 2009 
 

Medavinci Plc (the "Company") 
 
 
Result of AGM and Trading Update 
 
 
Result of AGM 
 
 
At today's AGM all resolutions were duly passed. 
 
 
Trading update 
 
 
In our recently published Report and Financial Statements for the 12 months 
ended 31 March 2009, we highlighted that a comprehensive review of the carrying 
value of the Company's investments had been undertaken, resulting in us 
recognising full impairment provisions against the carrying values of the loans 
and investments relating to both Demecal and Ergodynamics. 
 
 
As also indicated, we are continuing our investigation with regards the 
whereabouts of certain funds which were transferred from the Company to a 
subsidiary company in 2008. Lawyers have now been instructed to assist us with 
this investigation and we hope to be able to resolve the issue within the coming 
weeks. 
 
Having made three substantial investments over the last 3 years, the Board has 
now decided to focus it's attention on just one of these investments, Emotion 
Fitness, a health and fitness business based in Veszprem, Hungary. This business 
continues to perform well and it is currently our intention to expand the 
operation into other Eastern European countries in the coming months. We are 
currently in negotiations to complete a sale and leaseback of the freehold 
property that Emotion Fitness owns in Hungary and these and additional funds 
will be used to help finance this anticipated expansion plan. 
 
We look forward to reporting back to shareholders in due course with further 
details of our expansion plan and other corporate activity. 
 
 
 
 
Contact Details 
 
 
Medavinci Plc 
Adam Reynolds / Paul Foulger Tel: +44 (0) 270 245 1100 
 
 
Zeus Capital Limited 
Ross Andrews / Tom Rowley Tel +44 (0)161 831 1512 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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