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23 Mar 2010 14:28
23 March 2010
EIH Plc (the "Company")
Progress update following the adjournment and dissolution of an extraordinary general meeting ("EGM") of the Company
The EGM of the Company which was held on 22 February 2010 and which was adjourned to 22 March 2010 was yesterday dissolved because it remained inquorate. Following the adjournment and subsequent dissolution of the EGM of the Company, the board of the Company (the "Board") has been taking steps to ensure that there are no further delays in the production of (i) the unaudited net asset value of the Company ("NAV") as at 31 December 2009 and (ii) the Company's annual report and accounts for the year ended 31 December 2009 (the "Annual Report").
The Company is in negotiations to contract PricewaterhouseCoopers to produce an independent report on the value of the Company's investment in the Evolvence India Fund (based on information collated by Evolvence India Advisers Inc. ("EIA")). EIA will also provide information to the Company in relation to the Evolvence Life Science Fund and the Company's two co-investments in the RSB group and Gland Pharma.
The Board considers that the prognosis for the Company is encouraging against a background of favourable economic conditions in India. The Board intends to make a more detailed announcement on the Company's progress following publication of the NAV as at 31 December 2009 and the Annual Report (which will continue to be audited by KPMG Audit LLC) both of which the Board intends will be published as soon as possible.
Contacts:
EIH Plc
William Knight + 44 (0)20 7221 3900
Seymour Pierce (Nominated Adviser and Broker)
Nandita Sahgal, Director + 44 (0)20 7107 8000
Singer Capital Markets Limited (Joint Broker)
Jos Trusted +44 (0)20 3205 7500
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