A GBP6 million write-off in the value of Intellect Holdings Ltd.
As foreshadowed in the Interim Report, it has been necessary to take a provision in respect of what has so far been an unsuccessful investment and it was decided to write off the book value entirely. We do not believe it to be all bad, however, and since 30 June, we have contributed an additional GBP1.3 million (wisely or not, remains to be seen) in recapitalising the company. Our holding is now 18%. We have also invested GBP6.6 million in a new entity called Tafmo Ltd, an unlisted public company in which we have a direct 56% interest and Intellect has a further 28%. Tafmo appears to have good credentials in the development of electronic payments technology
IHG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
