LWT Loudwater

TIDMLWT

RNS Number : 6677X

Loudwater Trust Limited

17 February 2012

17(th) February 2012

LOUDWATER TRUST LIMITED

("LOUDWATER" OR "THE COMPANY")

CONDITIONAL PLACING OF CORERO SHARES

Further to the announcement by Corero Network Security plc ("Corero") this morning, Loudwater Trust Limited, the closed-ended investment company, is pleased to announce that Corero, through its broker, finnCap, has conditionally placed all of Loudwater's equity interest in Corero, comprising approximately 4.4 million shares, with institutional investors alongside a placing of new shares (the "Placing"), at a price of 43 pence per share.

This price would imply a consideration value of approximately GBP1.89m for Loudwater's interest, which is in line with the carrying value of the investment at 31 December 2011, the last reported net asset value.

finnCap has agreed (as Loudwater's agent) to use reasonable endeavours to procure placees for Loudwater's shares. The placing of Loudwater's interest in Corero is conditional on completion of the Placing, which in turn, is conditional on, inter alia, the passing of a resolution to be proposed at a general meeting of Corero's shareholders convened for 10.00 a.m. on 5 March 2012.

A further announcement will be made shortly after this time, which is expected to include an update on a further return of cash.

-ends-

For further information

 
 Loudwater Investment Partners 
  Limited 
 Charles Somerset                             +44 (0)20 3372 6400 
 
 Panmure Gordon (UK) Limited 
 Andrew Potts                                 +44 (0)20 7459 3600 
 

Note

http://www.loudwatertrust.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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