It is the Company's strategy to hold minority stakes in businesses and to exit
successfully from those investments. Recent changes in the interpretation of
accounting rules which would have required a majority investment in a company to
be consolidated in our accounts have led to a decision to dispose of
approximately 20.1 % of MarineTrack earlier than anticipated. I am pleased
however that we have been able to sell that stake to a substantial Zyzygy
shareholder, Billam AG at the current valuation in the Zyzygy balance sheet and
on terms satisfactory to the board.
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