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i-mate leaves stock exchange - back to private hands October 21, 2008 [General] | By Edward J. R. Companies listed on stock market must conform to various high standards and must publish information on various things. However companies privately owned don't have to reveal too much. It is unclear whether it is desire to save money or desire to hide real situation of the company but it looks like days of i-mate as publicaly traded company are nearing the end. i-mate has been listed on London Stock Exchange under symbol "IMTE" but now it is going back to private hands. Here are some latest announcements as public company listed on stock exchange (note how they call themselves "specialist in Windows Mobile"): * * * * * Notice of Annual General Meeting and separate General Meeting i-mate plc, the specialist in Microsoft Windows, Mobile devices and software, announces that notices convening the Annual General Meeting and a separate General Meeting have today been posted to shareholders. Both meetings will be held at the offices of Biggart Baillie LLP, Dalmore House, 310 St Vincent Street, Glasgow, G2 5QR on 10 November 2008 commencing at 10 a.m. The General Meeting has been convened as required by a member holding more than 75% of the issued share capital of the Company. The resolution to be put to the shareholders at the General Meeting is to cancel admission of the Ordinary Shares of the Company to trading on AIM. If admission is cancelled the Ordinary Shares of the Company will not be tradable on AIM or any recognised investment exchange but may be transferred in accordance with the Company's Articles of Association. The Company's Non-Executive Chairman, Bernard Cragg and Non-Executive Director, Bill Gorjance, have indicated their intentions to resign with effect from cancellation of admission. * * * * * Trading update for the six months ended 30 September 2008 i-mate plc, the specialist in Microsoft Windows Mobile devices and software, today announces a trading update for the six months ending 30th September 2008. Sales for the six-month ended of September are estimated at $20.6 Million compared to $46.2 Million for the same time last year. This resulted in an estimated operating loss of $10.8 Million loss compared to $29.4 Million loss for the same time last year. Our cash position is at $11.2 Million and stock at $9.1 Million with debtors of $3.9 Million and creditors of $2.6 Million. As stated in the year end results on 29 September the last 2 months have seen global handheld sales drop considerably and this trend is looking set to continue. We also outlined that we were considering delisting i-mate. We have subsequently decided that, pursuant to a request for a resolution to de-list the company to be placed before the company in general meeting, that following the conclusion of the Company's Annual General Meeting scheduled to be held on 10 November 2008, an Extra-ordinary General Meeting will be held at which time such a resolution will be put to the members. If the resolution is passed the Company's non-executive chairman, Bernard Cragg and non-executive director, Bill Gorjance, will resign and Jim Morrison will take on the role of Chairman and Chief Executive Officer.  Post your comment (free registration is required to post, but if you register you can edit your posts later)
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