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Last checked at 
14 Jun 2012 12:44
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Blue Star Capital plc
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("Blue Star Capital" or "the Company")
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Acquisition Update
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Blue Star Capital announces that Overtis Group Limited ("Overtis") to which the Company made a secured loan in February 2012 entered Administration on 31 May 2012.
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The loan of Β£150,000 was made alongside the principal investors to provide Overtis with working capital and to secure a period of exclusivity. Unfortunately in the period post drawdown of the loan, Overtis encountered a number of difficulties which culminated in the decision being taken by its Board to seek the appointment of an Administrator.
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Having entered Administration, the assets and business of Overtis were subsequently acquired by Vigilant Applications Limited. In relation to this transaction, Β£116,998 of the Β£150,000 loan held in Overtis was rolled-over into Vigilant Applications Limited and is secured against the assets of that company.
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The remaining Β£33,002 of the loan remains in Overtis and may be repaid in whole or in part depending on any subsequent realisations by its Administrator.
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Enquiries:
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Blue Star Capital plc | Dr Richard Leaver | Tel: 020 7612 7310 |
Daniel Stewart & Company plc (Nomad & Broker) | Noelle Greenaway | Tel: 020 7776 6550 |
Panmure Gordon (UK) Limited Joint Broker | Adam Pollock/Callum Stewart | Tel: 020 7459 3600 |
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