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| Proposed Return of Value to Shareholders |
The Board of Axiomlab has noted the recent movement in the Company's share price. The Board is currently examining a proposal which may or may not lead to Axiomlab shareholders being offered the opportunity of a return of value in Axiomlab (the "Proposal"). The Proposal was instigated as a result of the continued poor performance of Axiomlab's share price and the limited liquidity available to Axiomlab shareholders.
Under the Proposal, it is intended that Axiomlab shareholders will be given the option to either receive, in exchange for cancellation of their shares, their pro rata entitlement to the Company's uncommitted net cash or to roll over all or part of their holding into a new private vehicle whose shares will not be listed on any recognised investment exchange. Any return of capital is likely to be governed by a Court procedure.
As at 30 April 2003, Axiomlab's uncommitted net cash stood at approximately £5 million. After taking into account the ongoing monthly operating costs of Axiomlab and the costs associated with the Proposal, the Board of Axiomlab estimates that such return of value, if indeed effected, is likely to amount to approximately 0.85p per Axiomlab share.
Further details regarding the Proposal will be announced to Axiomlab shareholders as soon as practicable.
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