Eurovestech Plc. (EVT.L) announced that it has sold a 40 per cent interest in its wholly-owned portfolio company, Knowledge Support Systems Limited or KSS Fuels to Invesco Asset Management Limited for a cash consideration of about 7.2 million pounds.
KSS Fuels, the provider of price optimisation solutions for the retail and petroleum fuel industries, was acquired by the Company in June 2003 for a total consideration of 1 million pounds.
Following the completion of the sale of a 40 per cent interest in KSS Fuels, the company will hold cash and liquid assets of approximately 9.0 million pounds. Accordingly, the company said it is now proposing to return approximately 4.4 million pounds of cash to Shareholders by way of the Return of Cash. The Return of Cash represents 1.32p per share.
Shareholder approval is required for the Return of Cash and, accordingly, a General Meeting will be convened on 6 September 2012, the company said.
In addition, the company also announced that it intends to ask Shareholders to approve the cancellation of admission of its Ordinary Shares to trading on AIM.
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