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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Environ Group | LSE:EVN | London | Ordinary Share | GB00B50K2P36 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5816C Europe Vision PLC 21 August 2007 Europe Vision plc ('the Company') Statement RE: Events concerning Europeinvestment A/S, (formerly Live Networks A/S) On 8 August 2007 the Stockholm offices of Europeinvestment A/S were visited by Swedish police officers to carry out a warrant issued by Danish police after a shareholder in Europeinvestment A/S made allegations relating to price manipulation. The Danish authorities are investigating four matters in 2005 and 2006. Aside from examining the records of Europeinvestment A/S, the police wish to interview all management and Board members since 2005. David Lowe and Simon Denton, who are current Board members of the Company, were Board members of Live Networks A/S, (now called Europeinvestment A/S) during 2005. Danish procedure is that if an individual is to be interviewed by the police he must first be charged with the alleged offence about which he is being questioned. Following such interviews the Danish prosecuter decides whether or not to take the case forward or drop the charges. Therefore although Europeinvestment A/S and all Board members past and present of Europeinvestment A/S since 2005 have been charged with price manipulation related offences by the Danish police, we understand that the equivalent status in the UK is that those involved are helping the police with their enquiries. Mr. Lowe and Mr. Denton have instructed counsel and have voluntarily offered to co-operate with the giving of information, (to the extent that they have any). The Danish police have in return undertaken that, when the two are interviewed, they will not be arrested and that their involvement for the time being will only be for the giving of information. In summary the charges are that: 1. Europeinvestment A/S incorrectly claimed to be the owner of an adult movie library valued at approximately 100 million DKK; 2. Europeinvestment A/S announced its major shareholder, Aladdin Investment Services Ltd., had sold 12 million shares to third parties at 11.5DKK per share, when this was not true; 3. When the Europeinvestment A/S business was sold to Tritel Investments in return for Tritel Media shares, (which then converted into Europe Vision plc shares upon reverse takeover) that Tritel Investments was not capable of so carrying on that business; 4. Europeinvestment A/S announced an offer that Tritel Investments intended to make a share swap with all shareholders which did not then happen. Mr. Lowe and Mr. Denton resigned from the Board of Europeinvestment in December 2005. The first two charges are alleged to have taken place when Mr. Lowe and Mr. Denton were members of the Europeinvestment A/S Board. In response to the first charge there is a contract executed with the film library licensor and Europeinvestment A/S had the film library independently valued by a major accountancy firm, resulting in the valuation claim of 100 million DKK. In response to the second charge, the transaction was not one with which Europeinvestment A/S was involved, it being a shareholder transaction. All Europeinvestment A/S did was make an announcement in good faith based on information supplied by its shareholder in accordance with stock exchange rules. The third and fourth charges relate to a time when neither Mr. Lowe nor Mr. Denton were on the Board of Europeinvestment A/S and were not involved in any way. The Company's existing relationship with Europeinvestment A/S is as follows: 1. Europeinvestment A/S is a substantial shareholder in Europe Vision; 2. The two companies have agreed a joint film script development fund. Europe Vision plc has received written confirmation from Europeinvestment A/S that the recent events have no impact thereon; 3. There is no common management control between the two companies; 4. Castro Khatib is a consultant to Europe Vision, (but not on the Board) and he is Managing Director of Europeinvestment A/S; 5. Aladdin Investment Services Ltd is a major shareholder in both companies and provides financial support for both. Europe Vision plc has a partially drawn line of credit and has received written confirmation from Aladdin Investment Services Ltd that the recent events have no impact thereon. It is the Board of Europe Vision plc's view that this situation has no material impact on the business of the Company nor on its financial standing or the line of credit at its disposal from Aladdin Investment Services Ltd. As stated in its Annual Report and Accounts of 24 July 2007, the Company expects to be in operational profit in the coming year and the events relating to Europeinvestment A/S do not alter that position. It is emphasised that these are matters which do not directly relate to the Company and that accordingly it relies for information on that given by Europeinvestment A/S and Aladdin Investment Services Ltd. who are third parties to the Company. The Company will release an update to this announcement when appropriate. - Ends- Enquiries: Europe Vision plc David Lowe, Chairman +33 6 8000 1052 Bell Pottinger Corporate and Financial Olly Scott 078 1234 5205 KBC Peel Hunt Ltd Capel Irwin 020 7418 8897 Richard Newman 012 1698 2151 This information is provided by RNS The company news service from the London Stock Exchange END STRBUGDILSDGGRB
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