Adams Regulatory News (ADA)

14 Nov 2007 07:01

Adamind Ltd14 November 2007 14 November 2007 Adamind Limited ("Adamind" or the "Company") Company update The Board of Adamind today updates the market on its forthcoming plans to returnmonies to the Company's shareholders. As of 31 October 2007, the Company had $24,297,747. In addition, an amount of$550,000 is held in escrow pursuant to the agreement for the sale of theCompany's assets to Mobixell. This amount will be released from escrow in April2008 (assuming no claims are made against such release under the agreement withMobixell). The Company is preparing a motion to be submitted to an Israeli court for thedistribution of cash to the shareholders. The Company will request the court toauthorize the first distribution of approximately $22 million (representingapproximately 90% of the cash) to the shareholders. The Company expects thefirst distribution to be consummated during Q1 2008, with the remainder of thecash to be distributed as soon as possible thereafter. The Company will continue to keep the market abreast of any changes ordevelopments to this timetable. Enquiries: AdamindOrna Berry, Executive Chairperson +972 9 971 9111 Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7977 0020 Landsbanki Securities, Nominated AdviserSimon Bridges +44 20 7426 9000 This information is provided by RNS The company news service from the London Stock Exchange