The Board of Cavotec MSL Holdings Ltd (CCC) announces that Mooring Systems Ltd (MSL) recorded an audited net deficit of $254,492 after amortisation of intangible assets for the nine months ended 31st December 2006. This compares with a reported net deficit of $674,588 for the twelve months ended 31st March 2006.

On the 5th January 2007 the company allotted 50,906,160 ordinary fully paid shares to acquire 100% of the issued capital of Cavotec Group Holdings NV the effective date of the transaction was 1st January 2007. The company changed its name at the same time to Cavotec MSL Holdings Ltd.

CCC is now a substantial company and would rank in the top 50 companies listed on the NZX by market capitalisation.

We pleased to advise that Cavotec Group Holdings NV is today reporting an audited Net Profit after taxation of Euro 6,753,476 for the year ended 31st December 2006.

The Annual General Meeting of shareholders will be held at the Outrigger Resort, Clearwater Avenue, Christchurch on Friday 27th April 2007 at 11.00am.

A PDF copy of both Annual Reports can be downloaded below. Also the full text of the official media release is available through the relevant link posted below.