FLV Fund sells part of its portfolio

Flanders Language Valley Fund has agreed to sell most of its investment portfolio to Cipio Partners. Since the offer was announced in October 2004, a framework agreement was signed which should allow the Belgium-based FLV Fund to realise the largest part of its investment portfolio over the coming months. FLV expects the following participations to be transferred out: Adeptra, Cegeka, Changing Worlds, HAL, Inno Fund, Lips, M-Commerce, Mindmaker, Onset, Telemessage, Transics and Shazam. The participations in Captor Group (page 13), Explio, Voxtron and Financial Architects have already been transferred over to Cipio, except the latter which was sold to co-shareholders. When all the transactions mentioned above have been finalised, FLV will be left with three active participations: C&T Paradigm, Irion and Liberty-TV. Advisers to FLV Fund for the negotiation and the conclusions of the transaction are Bank Degroof and the Baker & McKenzie office in Brussels.

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• Benelux