LONDON (Thomson Financial) - Nettworx Plc. said Sim4Travel Holdings Plc. has
repaid 500,000 pounds of the convertible unsecured loan note issued to Nettworx.
Nettworx said the repayment means it now holds about 8.7 million pounds in
cash available for future acquisitions or investments, the equivalent of 7.8
pence per share.
Nettworx, which invests in voice, video and data networks, said the balance
of 265,000 pounds of the loan note, together with all accrued interest at the
rate of 2 percent over base per annum, will be paid by Sim4Travel on April 12,
2013, or such earlier date in accordance with the loan note instrument.
Nettworx in April 2007 invested 1.46 million pounds in SIM card provider
Sim4Travel in exchange for shares and convertible notes.
The part-repayment of the convertible loan notes follows Sim4Travel's
announcement on Thursday that it has sold its business assets to technology
company Truphone.
Further, the company said the consultancy agreement between Nettworx and
Sim4Travel has been terminated with effect from April 8.
TFN.newsdesk@thomson.com
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