Ecovista Plc

March 15, 2016 10:17 ET

Purchase of 15% of Cignella Srl

Market Update

                                               Ecovista PLC
                                       ("Ecovista" or the "Company")

                                      Purchase of 15% of Cignella Srl

The  Company  is  pleased  to  announce to the acquisition of 15% of the  share  capital  of  Cignella  Srl
("Cignella") for the sum of Euro 800,000.

Cignella  owns  the   Cignella  Estate a property which is  set in a striking position   on   a  hill   top
overlooking the glorious southern Tuscan countryside this is a development of 18 villas overlooking the 200
acre   estate.  The Estate is situated some 20 miles south-east of Siena in southern Tuscany, close to  the
wine country of Chianti and Brunello.

An  existing option agreement to acquire the entire share capital of Cignella will be replaced so that  the
Company  can  acquire the balance of 85% of the issued share capital for Euro 4,000,000  on  or  before  31
December 2017.

The  Company  had previously advanced the sum of Euro 964,000 to Cignella. The purchase of 15% of  Cignella
share  capital  for  Euro 800,000 will leave an interest free loan to Cignella of  Euro  164,000  which  is
repayable on or before 31 December 2017.

The  Directors  understand  that shareholder approval by the members of Cignella  has  been  completed  and
subject  only  to the share certificates being notarised we hope to announce successful completion  of  the
transaction on or around 31 March. The board are extremely excited about this project and look  forward  to
working with the board of Cignella in order to maximise the potential of this development.

The Directors of the Company accept responsibility for this announcement.

Luca Tenuta
Tel: +44 (0) 7900 242 769

Jon Issacs
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762

15th March 2016

Contact Information

  • Ecovista Plc