AXU Abraxus Inv.

RNS Number:0604E
Abraxus Investments PLC
05 June 2006

5 June 2006



Abraxus Investments plc (the 'Company')



At an Extraordinary General Meeting held on 24 April 2006, the Company was
authorised to dispose of its wholly owned Hungarian subsidiary, First AB Kft by
way of public tender.



The Company can now confirm that the tender process was successful and that the
minimum tender price was exceeded and accordingly the directors expect that the
Company will recover its total investment including its sales costs.



The successful bid was in excess of #1.6 million, which includes the repayment
of a loan by the Company to First AB Kft. The final amount payable will be
established once all VAT and other expense apportionments have been calculated.
The successful bidder has also agreed to settle any amounts due to the
contractors. Completion of the disposal is expected to take place no later than
30 June 2006.  A further announcement will be made following confirmation of the
total costs of the disposal and the resulting profit.



As previously announced, following the disposal, the Company which will be an
investing company as defined under the AIM Rules, will enter into discussions
with its main shareholders to seek their input into any return of cash to
shareholders.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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