PLC News 2007
23 May 2007
Investment, Net Asset Value Update and Investor Presentation
SovGEM (AIM: SOV.L), the emerging market finance house, is pleased to announce that it has purchased 133,690 shares at $1.87 per share in Point Acquisition Corporation (PAQN.OB). The investment is part of a $10 million fundraising that has enabled a reverse merger with Powersmart Holdings Limited as well as providing working capital for its ongoing operations.
Powersmart Holdings Limited was founded in 1986 and is based in Gongyi in the Chinese province of Henan. It specialises in refractory products and services as well as providing specialist materials for the oil industry. It is now expanding its activities to provide specialist materials for industrial polishing of optical, semiconductor and fine metal products.
SovGEM Net Asset Value (NAV)
The Directors best estimate of NAV as of close of business on 17 May 2007 is 31.75p, an increase of 13.8% since the start of 2007.
Investment presentations
The Company will today hold an investor presentation meeting. Copies of the presentation are available to view here.
For further information:
| SovGEM Limited | |
| Hugh de Lusignan, Chief Executive Officer | Tel: +44 (0) 20 7389 0655 |
| hdelusignan@sovereigngroup.com |
NOMAD & Broker
| Teather & Greenwood | |
| Tom Hulme | Tel: +44 (0) 20 7426 9000 |
| tom.hulme@teathers.com |
Media enquiries:
| Abchurch | |
| Quincy Allan | Tel: +44 (0) 20 7398 7710 |
| quincy.allan@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
SovGEM Limited is an emerging market finance house incorporated in Jersey. Its geographic investment focus includes China and other emerging markets. SovGEM joined AIM in November 2004 (AIM: SOV). The Company has a deliberate policy of investing in growth companies, virtually all of which are also highly profitable. SovGEM has an extensive network of professional advisors and associates giving the Company access to the small cap Chinese and other emerging markets. The Company's aim is to realise profits by investing in these companies as they undertake a major step change either through listing, evolving to a more senior financial market or undertaking an attractive rights issue. These investments may comprise straight equity or debt instruments with an equity conversion scheme.
Further information can be found at www.sovgem.com