Sopheon Expects Heavy Second Half Weighting For 2014

LONDON (Alliance News) - Sopheon PLC said it expects its revenues in 2014 to be heavily weighted towards the second half, in a statement ahead of its annual general meeting Wednesday.

The software and services company said that is revenue visibility stands above GBP8 million, similar to a year ago, with plenty of deals aiming to close by the end of June.

Sopheon has continued to work on its corporate restructuring programme, securing USD3.5 million in new debt facilities with Silicon Valley Bank at a lower interest cost and extending the maturity of its convertible loan note by another two years.

The company is still planning to repeat its share consolidation after it publishes its interim results, after the consolidation initially failed due to incorrect processing by certain Netherlands market participants.

It is continuing to consider its options after Euronext announced plans to wind down the Alternext Amsterdam market.

Sopheon, which is also listed on the AIM market in London, moved to the Alternext from Euronext just over a year ago. Euronext, which along with the New York Stock Exchange is owned by Intercontinental Exchange Group Inc, has opted to shut the Alternext Amsterdam stock exchange following a strategic review, and said it will consult with affected issuers to discuss potentially moving them to the Euronext Amsterdam market or other Euronext markets.

Euronext is a European stock exchange with venues in Amsterdam, Brussels, London, Lisbon and Paris. Its Alternext Amsterdam market has 184 listed companies with a market capitalisation of EUR8.33 billion.

Sopheon said possible options were transferring back to the Euronext Amsterdam main market, transferring to the Alternext Paris or Brussels markets, or consolidating solely into its primary AIM listing.

Shares in Sopheon were trading down 3.5% at 70.00 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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