26 June 2009
Eurovestech plc
(the "Company")
ToLuna agrees major acquisition and Eurovestech realises approximately £7.5
million from sale of ToLuna shares
Eurovestech is pleased to announce that ToLuna plc ("ToLuna"), its largest
investee company, has agreed to acquire the business and assets of the internet
survey solutions business of Greenfield Online Inc., a wholly owned subsidiary
of Microsoft Corporation, for $40 million in cash. The acquisition will create
the largest independent panel and technology services provider to the market
research industry. The terms of the acquisition, a description of the business
and assets being acquired and details of an associated £28 million share
placing ("Placing") are set out in the announcement made by ToLuna earlier
today.
As part of the ToLuna transaction, Verlinvest S.A. ("Verlinvest"), a Belgian
private family owned investment company, has agreed to subscribe for 3,114,284
new ordinary shares in ToLuna in the Placing. In addition, to satisfy
Verlinvest's investment requirements Eurovestech has agreed to sell Verlinvest
3,552,383 ToLuna shares at 210p per share, the same price at which the Placing
was concluded, realising approximately £7.5 million before disposal costs. As a
result of the share sale and ToLuna's share placing, Eurovestech's holding in
ToLuna will, following completion of the proposals, fall from 50.6 per cent to
29.9 per cent.
Eurovestech's total cost of investment in ToLuna was £2 million. Following the
share sale to Verlinvest, Eurovestech will have realised a total of £14.9
million from this investment. Based on the Placing price, Eurovestech's
remaining 29.9 per cent holding in Toluna will be valued at £31.3 million. The
proceeds from the sale will be used to further the Company's investment
strategy.
Eurovestech Chief Executive Richard Bernstein said:
"We are pleased that ToLuna has concluded a major acquisition which will make
it an extremely powerful force in its global market. This has been, and
remains, an excellent investment for Eurovestech"
ENQUIRIES:
Eurovestech plc
Richard Bernstein Tel: 020 7491 0770
John East & Partners Limited, a subsidiary of Merchant Securities PLC (Nomad)
David Worlidge/Simon Clements Tel: 020 7628 2200
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