TIDMTCF TIDMSPNV 
 
RNS Number : 1520V 
Terra Catalyst Fund 
06 July 2009 
 

 
 
6 July 2009 
 
 
 
 
TERRA CATALYST FUND 
Investment Update 
Terra Catalyst Fund (the "Company") (AIM: TCF) today announces that further to 
its announcement on 8 June 2009 regarding its investment in Terra European 
Investments B.V. ("TEI"), which subsequently made a cash offer for the share 
capital of Spazio Investments N.V. ("Spazio"), TEI has increased the Offer Price 
from EUR4.50 per Spazio Ordinary Share to EUR5.125 per Spazio Ordinary Share (the 
"Revised Offer"). 
Set out below are the terms of the Revised Offer for Spazio issued by TEI. 
 
 
-ends- 
 
 
 
 
Enquiries to: 
 
 
Terra Catalyst Fund 
Mike Haxby, Director 
www.terracatalystfund.com Tel: +44 (0) 1624 690 900 
 
 
HSBC Securities Services (Isle of Man) Limited 
Sarah Wakeford Tel: +44 (0) 1624 637890 
 
 
Fairfax I.S. PLC 
James King / Gillian McCarthy Tel: +44 (0) 20 7598 5368 
 
 
 
 
Revised Offer Terms by TEI 
 
 
Terra European Investments B.V. has increased the Offer Price from EUR4.50 per 
Spazio Ordinary Share to EUR5.125 per Spazio Ordinary Share (the "Revised Offer 
Price"). Thus TEI offers to acquire, on the terms and subject to conditions and 
further terms set out in the Offer Document, every Spazio Ordinary Share not 
already held by the Laxey Group (and excluding treasury shares held by the 
Company) on the following revised basis: 
+-----------------------------------------------------+------+--------------------+ 
| For every Spazio Ordinary Share not already held by |      | EUR5.125 in cash     | 
| the Laxey Group (and excluding treasury shares held |      |                    | 
| by the Company)                                     |      |                    | 
+-----------------------------------------------------+------+--------------------+ 
in accordance with the terms of the Offer, as set out in the Offer Document, as 
the Revised Offer Price represents an improvement in the value of the 
consideration represented by the original Offer Price the benefit of the Revised 
Offer Price will be extended to any Spazio Shareholder who has already accepted 
the original Offer. 
As the Revised Offer Price represents a fraction of a Euro, entitlements will be 
rounded up to the nearest cent. 
Acceptances of the Offer must be received by 1.00pm on 10 July 2009. The Offer 
(subject to the Revised Offer Price) remains subject to the terms and conditions 
set out in the Offer Document. 
Spazio Shareholders who hold Spazio Ordinary Shares in registered book entry 
form who have not yet accepted the Offer are reminded to complete and return 
their Form of Acceptance as soon as possible in accordance with the instructions 
set out in the Offer Document and in the Form of Acceptance. Spazio Shareholders 
who hold Spazio Ordinary Shares in uncertificated form and who have not yet 
accepted the Offer are reminded to take the necessary steps through CREST as 
soon as possible. 
The definitions of certain capitalised expressions used in this announcement are 
contained in the Offer Document posted to Spazio Shareholders on 19 June 2009. 
 
 
 
 
 
 
 
 
NOTE TO EDITORS 
Terra Catalyst Fund 
Terra Catalyst Fund is a closed-ended Cayman Islands registered, exempted 
company established to invest in listed property companies and funds in Europe, 
with the objective of seeking to identify undervalued securities and actively 
seeking to close the valuation gap between the value at which the security is 
trading and its intrinsic value. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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