New Value discard FotoDesk stake

In 2008 FotoDesk Group acquired New Value's portfolio company Colorplaza and the investor took a stake in FotoDesk Group via a share swap.

New Value had a 45% stake worth CHF 3m and loans and convertible loans with a value of CHF 5.9m. The total amount of CHF 8.9m will be written off during the fiscal year of 2010/11. The Net Asset Value per share of New Value was decreased from CHF 23.14 at 31.12.2010 to CHF 20.65.

The company did not achieve expected gains in turnover and will continue operations under its management.

FotoDesk Group is based in Basel, Switzerland, and is an online photo service provider. The company offers image editing, printing, sharing and archiving of photos.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Diana Petrowicz on +44 20 7004 7505 or diana.petrowicz@incisivemedia.com

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