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Avisen
- BY: Andrew Hore |
- POSTED: 02/08/2010 |
- COMMENTS: Add yours
Avisen’s former executive chairman Ian Smith has sold all or most of his holding in the company following his resignation from the board.
Smith owned 2.39m shares, equivalent to 10.1% in Avisen and he no longer holds a notifiable interest in the company.
The selling knocked the share price at the end of last week but it has recovered 1.25p to 4.875p. That values Avisen at £11m.
Last week, the software consultancy reported a loss of £3.07m on revenues of £7.17m in the year to January 2010. The South African business lost £318,000 and this has been sold.
The figures do not include Xploite because the merger with the company, where Ian Smith was boss, happened after January.
Growth Equities & Company Research believes that Avisen can make a profit of £1.4m this year.
Avisen is hopeful that in September it will receive £2.15m of deferred consideration that it is owed for Xploite’s sale of its Anix business in May 2009. Xploite had net cash so Avisen is currently cash positive.
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