worry20 Mar 2013 08:32
The only worry is this:
"As noted in our interim report, the Board is actively considering a corporate
restructuring that would include a reduction of capital to eliminate the bulk
of the accumulated deficit on the profit and loss account, and also a
consolidation of shares. If implemented, these changes (which would be subject
to shareholder and other approvals) would improve the profile of the balance
sheet, bring forward the potential for the Company to have distributable
reserves, and reduce the shareholder count. Sopheon's share register lists
approximately 4,000 individual shareholders, of which 80% have interests of £
100 or less. This is before taking into account shareholders with individual
holdings held via broker accounts, or held in the Netherlands. This is expected
to show a similar profile of a disproportionately large number of very small
shareholdings for a company of Sopheon's size. The Board is considering dealing
with this imbalance through a 2000:1 share consolidation, shortly followed by a
1:100 share split to bring the final ratio to 20:1. Although not yet confirmed,
a process along these lines would have the effect of eliminating shareholdings
of less than 2000 shares, which at today's price is roughly equal to £100. It
would also have the effect of rounding down larger shareholdings to the nearest
multiple of 2000. It is anticipated that the fractions released by the
foregoing would be consolidated and sold in the market on behalf of underlying
shareholders. The Board will continue to announce further details of its plans
in this area as they evolve.
"
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