The SWX currently holds 38.9 per cent of the shares of virt-x; 38.9 per cent are held by the Tradepoint Group (TPG), a consortium of international investors and banks. As announced yesterday, TPG has irrevocably undertaken to accept an offer of the SWX for 12.5 pence per share. The formal offer is expected to be posted to the shareholders of virt-x in the first half of January. The transaction should be completed by the end of March 2003.
Dr Reto Francioni, Chairman of the Board of the SWX, said: "We are very pleased that the independent members of the Board of Directors of virt-x recommend to their shareholders to accept our offer. We are convinced that we propose an attractive offer to the shareholders of virt-x."
