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Nettworx

  • BY: Andrew Hore |
  • POSTED: 07/05/2009 |

Nettworx has decided to wind itself up.

The investment company will be placed in members voluntary liquidation and the cash will be returned to shareholders.

Nettworx is an investment company created to invest in voice, video and data network businesses. It was set up by Jason Drummond and Jonathan Rowland. It joined Aim on 21 December 2005, via a placing at 10p a share which raised 9.4m. The shares have been trading well below the 10p placing price for nearly all of them time on Aim.

Nettworx has maintained most of its cash and management says that other investments have a negligible value. There was 8.73m of cash at the end of June 2008. The NAV was 8.65m at that time.

Based on the June 2008 valuations the distribution could be around 7.75p a share. Subsequent operating costs and winding up costs will reduce this figure. Annualised operating costs are around 300,000 but interest received will partly offset that.

At 6p a share, down 1.25p on the day, which values Nettworx at 6.66m.

If shareholders vote for the proposal then the Aim quotation will be cancelled on 15 June 2009. 

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