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Eurotech Increases its Stake in Advanet - Eurotech announces that it has acquired a 11.8% equity interest in its subsidiary Advanet for the amount of JPY 545.4 M (equal to circa € 4.9M), in accordance with the provisions of the agreements relating to acquisition of the Japanese group Advanet
Eurotech Increases its Stake in Advanet

 

PRZOOM - /newswire/ - Amaro, Italy, 2010/06/15 - Eurotech announces that it has acquired a 11.8% equity interest in its subsidiary Advanet for the amount of JPY 545.4 M (equal to circa € 4.9M), in accordance with the provisions of the agreements relating to acquisition of the Japanese group Advanet.

   
 
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Eurotech - a leading supplier of embedded technologies, products and systems - today announces that it has acquired a 11.8% equity interest in its subsidiary Advanet for the amount of JPY 545.4 M (equal to circa € 4.9M), in accordance with the provisions of the agreements relating to acquisition of the Japanese group Advanet (as described in the briefing document prepared pursuant to Article 71 of the Regulation approved by the CONSOB - Italian securities & exchange authority - with its resolution 11971/99 as subsequently amended and supplemented, published on 15 November 2007, to which readers should refer for greater information). Following this acquisition, Eurotech’s equity interest in Advanet totals 76.8%.

The deal does not lead to any negative change in the Eurotech Group’s balance sheet and net financial position, as the deal’s amount was already included in accounting recognition of the best estimate of the put & call option on 25% of Advanet shares, as also included in the balance sheet as at 31 March 2010.

The company also advises the public that negotiations are underway to acquire another equity interest of 13.2% from the other shareholders holding the put option. Once again in this case, the maximum total amount has already been estimated and recognized in consolidated financial statements. Given this, it will not produce any negative change in the Eurotech Group’s balance sheet and net financial position.

The company expresses its satisfaction for the increase of its presence in the Japanese group.

 
 
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Agency / Source: Eurotech Group / Eurotech S.p.A.

 
 

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Eurotech Increases its Stake in Advanet

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Contact: Cristiana della Zonca - Eurotech.com 
+39 0433 485411 cristiana.dellazonca[.]eurotech.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Eurotech Group / Eurotech S.p.A. securities in any jurisdiction including any other companies listed or named in this release.

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