Portfolio holding in Touchcorp Limited

RNS Number : 2723H

Utilico Investments Limited

12 March 2015

 



For immediate release

12 March 2015 

UTILICO INVESTMENTS LIMITED

Portfolio holding in Touchcorp Limited

As referred to in their recent Half Yearly Report, Utilico Investments Limited ("Utilico") holds a direct investment of 22 million shares in Touchcorp Limited ("Touchcorp"), and an indirect investment through its 39.8% interest in Vix Limited ("Vix"). Vix owns an additional 26 million shares in Touchcorp. These shares were valued by Utilico and Vix at A$0.92 per share as at 31 December 2014 and in Utilico's most recently reported net asset value per share.

Touchcorp has today announced its intention to IPO on the Australian Stock Exchange ("ASX"), at a price of A$1.40 per share, which is a significant premium to the current valuation reflected by both Utilico and Vix.  Utilico will reflect an increased valuation for both Touchcorp and Vix in its net asset value on the date that Touchcorp's shares are admitted to trading on the ASX, which is currently expected to be on 31 March 2015.  Based on the proposed Touchcorp IPO price of A$1.40 per share, Utilico's net asset value per share will increase by approximately 8p per share.

Charles Jillings,

Director ICM Limited

Investment Manager

Telephone [phone]

 

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