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  • BY: Andrew Hore |
  • POSTED: 12/04/2008 |

Sim4Travel’s sale of its business should help to preserve some of the value of Aim-quoted Nettworx’s investment in the Plus-quoted company. 

Sim4Travel’s business supplied travellers with international pay as you go SIM cards to use abroad. This enables them to avoid roaming charges. It has sold the assets of this business to Truphone for £1.343m in cash and £1.3m in the purchaser’s shares.

Sim4Travel was running short of cash and Truphone has the funds to continue to develop the technology.

Investment company Nettworx owns 11.8% of the fully diluted share capital of Sim4Travel plus convertible loan notes equal to a further 12.7%. This investment was its first and cost £1.46m in total.

Sim4Travel is valued at £2.59m at 0.35p a share. It will look for other technologies to invest in.

Nettworx is valued at £5.41m at the current share price of 4.875p. The net asset value of the company was £9.6m at the end of June 2007. That included £7.7m in cash.

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