Ecovista Plc
LSE : EVTP

June 27, 2012 06:41 ET

Statement re option and issue of equity

                                                Ecovista plc
                                                     


                                       ("Ecovista" or the "Company")
                                                     


                                Purchase of Call Option and Issue of Equity
                                                     


The Board of Ecovista is pleased to announce that it has entered into a Call Option Agreement which if
exercised by the 31st December 2015 gives the company the right to purchase the entire issued share
capital of CignellaSrl ("Cignella").The premium for the purchase of the option will be satisfied by the
issue of 25,000,000 Ordinary shares in Ecovista.

The Cignella Estate (http://www.tuscan-living.com/the-cignella-estate/) is an "Eco Village" offering
exclusive villa rentals powered by a state of the art geothermic system. Set in a striking position on a
hill top overlooking the glorious southern Tuscan countryside this is a development of 18 villas over the
200 acre estate.

The Cignella Estate is situated some 20 miles south-east of Siena in southern Tuscany, close to the wine
country of Chianti and Brunello and within half an hour of the magnificent towns of Siena, Cortona and
Montepulciano.

Due diligence is still being carried out however  an initial independent valuation shows a value of the
estate in excess of EUR 10.5 million. On exercise of the option Ecovista will pay the Cignella shareholders
a total consideration of EUR 5 million plus the payment of the existing bank loans.

The board believe this is a very exciting transaction for our shareholders and are confident in the quality of
this project, which they hope will in the long term, significantly enhance shareholder value.

The Directors of the Issuer accept responsibility for this announcement.


FOR FURTHER INFORMATION PLEASE CONTACT:

Ecovista PLC
Luca Tenuta
39 St James's street
London SW1A 1JD
Tel: +4420 7290 1234


Nick Michaels
Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762

Contact Information

  • Ecovista Plc