FLV Fund negotiates with potential partners

The fund’s chairman confirmed that discussions with potential partners are underway.

Flanders Language Valley Fund (FLV Fund) announced in its annual shareholders meeting today that it is in talks with potential partners, Reuters reports.

The firm’s managing director Philip Vermeulen said that the fund is in talks with several investment firms about forming a partnership and Jean Van Marcke, chairman of the group, told shareholders that “Concrete negotiations are underway”.

FLV announced in January that it was looking for possible partners or takeover candidates after posting a loss of $57.8m for the financial year 2000.

This morning the firm’s auditor, KPMG, issued a statement of abstention instead of approving the firm’s consolidated accounts for 2000. Shareholders voted against discharging KPMG, which could leave the accountancy firm liable for the report, according to Reuters.

FLV has also re-confirmed that it would not accept a sale below its net asset value, which is currently $9.48 per share.

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