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XL TechGroup, Inc. (XLT)

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Friday 29 August, 2008

XL TechGroup, Inc.

Restructuring Closed

RNS Number : 3578C
XL TechGroup, Inc.
29 August 2008
 




Press Release

29 August 2008


XL TechGroup, Inc.

('XL TechGroup' or 'the Company')


Restructuring Proposal has closed


XL TechGroup (AIM: XLT) advises that the Restructuring Proposal which was approved at the Special Stockholders Meeting on 8 August 2008 has now closed.  


The specific assets described in the circular dated 29 July 2008, including shares in TyraTech, DxTech and PetroAlgaehave been transferred to PetroTech Holdings Corporation ('PHC'), a Laurus/Valens company.  


The stockholders of XL TechGroup will have the contractual right to receive 15% of proceeds received from the sale of PHC assets, plus the amount of any dividend or other distribution made by those assets to their stockholders, but only after approximately US$104.2 million in existing outstanding debt, together with all further funds that may be contributed to PHC by Laurus/Valens in the form of additional debt or otherwise, has been repaid in full. 




This information is provided by RNS
The company news service from the London Stock Exchange
 
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