TAKE A LOOK AT LOMBARD MEDICAL - I'M IN 2 IT

From the B pref funding round document dated 10/9/04. No mention of an IPO exit at that time. No mention of winding up LOM in the current document - taken as read I guess.

"The value at which these subsidiaries will be transferred will be derived from the terms of the Subscription and the Offer. The terms of the Subscription and the Offer value the Company at £23.7 million before taking account of the funds raised. On the basis that the Company owns 94.4 per cent. of Lombard, this implies a value for the entire share capital of Lombard of approximately £25.1 million.

The Restructuring will benefit from exemptions under the stamp duty regime and will therefore not attract any stamp duty.

In order to ensure that the minority shareholders in Lombard benefit in due course from the commercial success of the Company, whether from successful trading or from a sale of the Company, the Directors have agreed that in the event that a reasonable offer is made for the Company, the loan will become repayable and Lombard will be wound up, resulting in a distribution to all Lombard shareholders net of any expenses and liabilities. In the event that the loan cannot be repaid in full, Lombard shareholders will receive the net proceeds in proportion to their shareholdings."