Intention to appoint administrator to subsidiary
September 25 2009 - 11:44AM
UK Regulatory
TIDMAVI
RNS Number : 7135Z
Avisen PLC
25 September 2009
+----------------------------------------+----------------------------------------+
| 25 September 2009 | (AIM: AVI) |
+----------------------------------------+----------------------------------------+
Avisen plc
("Avisen" or the "Company")
Intention to appoint administrator to subsidiary
The Company announced the acquisition of Inca Holdings Limited ("Inca") on 17
July 2009. Inca and its wholly owned subsidiaries (together "the Inca Group")
principally act as a reseller of IBM Cognos software, through Inca Software
Limited ("Inca Software"), and develop their own enterprise planning software
product called 'Inca Planning', through Inca Technology International Limited
("Inca Technology").
The directors of Avisen have recently completed a full review of the Inca
Group's business within the context of the Company's operations and as a result
have decided to discontinue the operations of Inca Technology.
Inca Technology's financial performance has been and continues to be poor. In
the year ended 28 February 2009, it made a net loss of GBP907,994 on a turnover
of GBP379,588. In addition to needing continuing financial support from Avisen,
Inca Technology also requires significant management time which could be better
utilised in focusing on Avisen's core activities. In contrast, Inca Software's
business remains core to Avisen having enabled it to become a leading reseller
of IBM Cognos software in the UK.
The Company has, therefore, filed a Notice of Intention to Appoint
Administrators ("Notice") in respect of Inca Technology today at the High Court
in London. Leonard Curtis, Insolvency Practitioners, have been instructed to
assist the directors in this regard. The filing of the Notice will provide Inca
Technology with protection from its creditors for a period of 10 business days,
during which time, the directors will seek to initiate discussions with
interested parties for a sale of the business and assets of Inca Technology as a
going concern.
This process does not affect any other company within the Avisen group. A
further announcement will be made in due course.
Louis Peacock, a director of Avisen, is also a director of Inca Technology.
Marcus Hanke, CEO of Avisen, commented:
"Avisen has been following an aggressive growth strategy through acquisition
and we are keen to ensure the best returns for shareholders. To this endeavour
we have decided the best recourse is to cease trading of the non-profitable
entity, which will be to the benefit of the Group as a whole."
=-END--
For further information, contact:
+----------------------------------------------------------+----------------------+
| Avisen plc | |
+----------------------------------------------------------+----------------------+
| Marcus Hanke (CEO) | Tel: +44 (0)870 880 |
| | 2978 |
+----------------------------------------------------------+----------------------+
| Louis Peacock (Executive Director and Acting CFO) | Tel: +44 |
| | (0)7899 667533 |
+----------------------------------------------------------+----------------------+
| | |
+----------------------------------------------------------+----------------------+
| NOMAD and Broker: | |
+----------------------------------------------------------+----------------------+
| John East & Partners Limited, a subsidiary of Merchant | Tel: +44 (0)20 7628 |
| Securities PLC | 2200 |
+----------------------------------------------------------+----------------------+
| Bidhi Bhoma | |
+----------------------------------------------------------+----------------------+
| | |
+----------------------------------------------------------+----------------------+
| Financial PR: | |
+----------------------------------------------------------+----------------------+
| Bishopsgate Communications | Tel: +44 (0)20 7562 |
| | 3355 |
+----------------------------------------------------------+----------------------+
| Robyn Samuelson/Siobhra Murphy | |
+----------------------------------------------------------+----------------------+
| avisen@bishopsgatecommunications.com | |
+----------------------------------------------------------+----------------------+
| | |
+----------------------------------------------------------+----------------------+
Notes to Editors:
Avisen
Avisen is a business and technology consultancy specialising in performance
management with a focus on strategy creation, development and implementation. It
provides advisory services and software distribution of solutions in the
corporate performance management market. Avisen aims to provide specialist
advice to enable organisations to build more effective capabilities to manage
the performance of their businesses and allow them to achieve their desired
targets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPUUGCBUPBGAA
Avisen (LSE:AVI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Avisen (LSE:AVI)
Historical Stock Chart
From Jul 2023 to Jul 2024
