29 Oct 2009 11:59
Medavinci Plc (the "Company")
Result of AGM and Trading Update
Result of AGM
At today's AGM all resolutions were duly passed.
Trading update
In our recently published Report and Financial Statements for the 12 months ended 31 March 2009, we highlighted that a comprehensive review of the carrying value of the Company's investments had been undertaken, resulting in us recognising full impairment provisions against the carrying values of the loans and investments relating to both Demecal and Ergodynamics.
As also indicated, we are continuing our investigation with regards the whereabouts of certain funds which were transferred from the Company to a subsidiary company in 2008. Lawyers have now been instructed to assist us with this investigation and we hope to be able to resolve the issue within the coming weeks.
Having made three substantial investments over the last 3 years, the Board has now decided to focus it's attention on just one of these investments, Emotion Fitness, a health and fitness business based in Veszprem, Hungary. This business continues to perform well and it is currently our intention to expand the operation into other Eastern European countries in the coming months. We are currently in negotiations to complete a sale and leaseback of the freehold property that Emotion Fitness owns in Hungary and these and additional funds will be used to help finance this anticipated expansion plan.
We look forward to reporting back to shareholders in due course with further details of our expansion plan and other corporate activity.
Contact Details
Medavinci Plc
Adam Reynolds / Paul Foulger Tel: +44 (0) 270 245 1100
Zeus Capital Limited
Ross Andrews / Tom Rowley Tel +44 (0)161 831 1512
Sosandar (SOS)