16 March 2010
In-Solve Plc ("In-Solve" or "the Company")
Further Investment
In-Solve plc, the PLUS listed investment company, announces that it has
increased its investment in Metroelectric plc, the leading UK electric vehicle
manufacturer.
The Company has invested £70,000 in a new 12% Convertible Loan Note issued by
Metroelectric, redeemable in December 2012, and convertible into new ordinary
shares of Metroelectric at a price of 1.50p per share.
Paul Rewrie is the a Director of In-solve Plc and of Metroelectric Plc. Due to
the cross directorships, Paul Rewrie abstained from voting on the decision to
purchase these Convertible Loan Notes.
The funding will be used by Metroelectric to support its growing portfolio of
electric vehicles, and, in particular, will be used to help its subsidiary
Powabyke to address increased demand for its range of electric bicycles.
The Directors of the Company accept responsibility for this announcement.
ENDS -
Enquiries:
In-Solve plc Tel : +44 (0) 20 2467 1700
Jonathan Bradley-Hoare (Company Secretary)
Rivington Street Corporate Finance Tel: +44 (0) 20 7562 3373
Eran Zucker
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