Adams Regulatory News (ADA)

29 Jan 2008 12:44

Adamind Ltd29 January 2008 29 January 2008 Adamind Ltd ("Adamind" or "the Company") Notice of AGM and Court Application The Company announces that it has posted to shareholders a circular convening anAnnual General Meeting (the "AGM") of shareholders to be held at 10.30 a.m. on15 February 2008 at the offices of Corfin Communications, Suite 206 / 207, 1Alie Street, London E1 8DE. The Company also announces that on 27 January 2008 it submitted an applicationto an Israeli court concerning the distribution of cash to shareholders and hasrequested the court to authorize the first distribution of approximately $19.2mto shareholders in the first quarter of 2008. ESOP holders and other optionholders have to exercise their options in order to participate in the scheme. As of 31 December 2007, the Company had net cash balance of $23.4m compared with$24.4m at 31 October 2007. However, the actual net cash balance has notsubstantially changed because the Company had converted most of the monies intoGBP during 2007 and as of 31 December the Company has £9.7m (£9.6m as of 31October 2007) with remainder in Euros, Dollars and NIS. The Company's cashstrategy is to keep it in monthly or 3 month deposits to allow for distribution. In addition, an amount of $550,000 is held in escrow pursuant to the agreementfor the sale of the Company's assets to Mobixell. This amount will be releasedto the Company from escrow in April 2008 (assuming no claims are made againstsuch release under the agreement with Mobixell). The Company will continue to keep the market abreast of any changes ordevelopments but expects the first distribution of cash to be available to thestockholders as planned in the first quarter of 2008. Copies of the AGM circular will be available on the Company's websitewww.adamind.com for one month from the date of this announcement. Enquiries Corfin CommunicationsHarry Chathli, Neil Thapar +44 20 7977 0020 This information is provided by RNS The company news service from the London Stock Exchange