Greenchip Investments PLC
3 April 2001
For immediate release
GREENCHIP INVESTMENTS PLC
Notification of Interest in Shares and Statement
In accordance with Rule 15, and as required by Sections 198 to 208 of the
Companies Act 1985, the following information falls to be disclosed:-
Date of purchase: 30 March 2001
Number purchased and now held: 1,479,550
Purchase price: 2.5p
Holder: Scheidegg Limited
% of Issued Share Capital held: 5.1
The Company was informed of the purchase on 2 April 2001. J Gunn & Family are
the shareholders of Scheidegg Limited and therefore there has been no change
in the beneficial ownership of the holding.
The Company expects to make its preliminary announcement concerning its
results for the 18 months to 31 December 2000 during May 2001.
Shareholders will be aware of the difficult conditions in capital markets, in
particular for the emerging technology sector. These markets were regarded as
essential to the Company's original plans. In consequence the Directors have
taken steps to preserve the Company's liquid assets, which currently stands at
circa £1.3m cash, by suspending any further significant investment in its
license-based business model, by reducing overheads and by taking steps to
curtail further liabilities.
During the past few months, management has investigated several acquisition
and merger opportunities but, have been unable to conclude terms satisfactory
to both counterparties and Greenchip's shareholders. Nevertheless, this
process is continuing, with intensity, aided by the Company's advisers and
The Board will continue to seek and examine all opportunities with a view to
securing value for all Greenchip shareholders.
Greenchip Investments Plc : MA Burne (CEO) - 020 7518 9180
: A Page - 020 7518 9180
Grant Thornton : G Thom - 020 7383 5100