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5 Nov 2008 15:54
Acquisition Update
On 29 September 2008 Volvere plc ("Volvere" or the "Company"), the turnaround investment company, announced the acquisition of certain of the United Kingdom businesses and assets (the "Business") of Interactive Prospect Targeting Limited and Interactive Prospect Targeting Holdings PLC. The Business has now been renamed Interactive Prospect Targeting Limited ("IPTL").
On that date Volvere acquired 100% of the ordinary share capital of IPTL for £1.3m by way of a £0.2m investment in shares of IPTL and a loan to IPTL of £1.1m.
On 31 October 2008, IPTL's management, staff and certain other investors acquired new ordinary shares in IPTL for £0.2m and advanced loans to IPTL of £0.6m. As a result of their investment, Volvere's holding in the ordinary share capital of IPTL has been diluted to 50%.
Following this investment, IPTL has repaid £0.3m of the loan made by Volvere to IPTL. As a result, Volvere's net investment in IPTL is now £1m, represented by £0.2m in ordinary shares and £0.8m by way of loan.
For further information please contact:
Volvere plc
Jonathan Lander
+44(0)20 79 79 75 96
Teathers
Tom Hulme
+44(0) 20 7426 9000
END
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