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AxisMobile
- BY: Andrew Hore |
- POSTED: 13/05/2008 |
Axis Mobile will cancel its Aim quotation if the sale of its business goes through.
The present plan is to swap the consumer mobile email business for shares in the buyer, which is a private US-based software company. The shares are described as ‘preferred stock’ and the value of the transaction should be similar to the current market value of AxisMobile. At 7.5p, the ordinary share capital of the company is worth £2.21m. However, there is £6.9m of convertible debt which the company hopes will be converted into shares. Whatever rate of conversion is used that will dilute the value of the deal for existing ordinary shareholders.
This transaction is still subject to due diligence and a definitive agreement.
The board will ask shareholders to agree to the cancellation of the Aim quotation if the transaction is completed. The company will then be wound up and the shares received for the sale of the business distributed to shareholders on a pro rata basis.
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