News blog
Sinosoft Technology
- BY: Andrew Hore |
- POSTED: 25/10/2010 |
Sinosoft Technology has spent £3.54m on buying back shares ahead of the proposed cancellation of its Aim quotation.
The Chinese e-government software supplier offered to buy back shares at 8p each via a tender that would enable shareholders to sell before they lost the market in their shares. Sinosoft is buying 26.7% of its share capital although the purchase is dependent on shareholder approval at a general meeting on 9 November.
Sinosoft was willing to buy back up to 30.1% of its share capital. There was net cash of $7.25m at the end of June 2010 so Sinosoft can afford to buy the shares but it needs a capital reorganisation in order to pay the cash. That will take time to organise.
Shareholders should receive their cash by 2 December. The shares are likely to be suspended on 1 December and the quotation cancelled on 3 December.
Sinosoft has been hit by foreign exchange losses and believes it would be best to be out of the public spotlight.
Revenues grew from $4.54m to $4.76m in the six months to June 2010. An interim profit of $978,000 was turned into a loss of $4.5m.
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