Restructuring Proposal has closed
29 August 2008
XL TechGroup (AIM: XLT) advises that the Restructuring Proposal which was approved at the Special Stockholders Meeting on 8 August 2008 has now closed.
The specific assets described in the circular dated 29 July 2008, including shares in TyraTech, DxTech and PetroAlgae, have been transferred to PetroTech Holdings Corporation ("PHC"), a Laurus/Valens company.
The stockholders of XL TechGroup will have the contractual right to receive 15% of proceeds received from the sale of PHC assets, plus the amount of any dividend or other distribution made by those assets to their stockholders, but only after approximately US$104.2 million in existing outstanding debt, together with all further funds that may be contributed to PHC by Laurus/Valens in the form of additional debt or otherwise, has been repaid in full.
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