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10 Jan 2008 14:59
QUESTER VCT PLC ANNOUNCES SALE OF ITS STAKE IN NOMAD PAYMENTS LIMITED TO METAVANTE TECHNOLOGIES, INC.
10 January 2008, London - Quester VCT plc ("the Company") has sold its stake in Nomad Payments Limited ("Nomad"), a provider of prepaid and debit card processing and licensed software, to Metavante Technologies, Inc. ("Metavante") , a leading provider of banking and payments technology. Nomad has been acquired by Metavante for a purchase price of approximately $58 million.
The Company has been an investor in Nomad since 2000 and participated in a number of funding rounds to a total cost of ‚£3.6 million. Proceeds receivable by the Company amount to ‚£7.3 million of which ‚£6.0 million has been received in cash on completion and ‚£1.3 million will be held in escrow for a further period. The transaction, including the consideration held in escrow, has the effect of increasing the net asset value of the Company by 3.2p per share (unaudited). An interim management statement for the nine months to 30 November 2007 is due to be published on 16 January 2008.
Enquiries:
SPARK Venture Management Limited
Nghi Tran, Company Secretary020 7851 7777Capital MS&LAnnabel O'Connor020 7307 5339
QUESTER VCT PLC
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