News blog
Avisen
- BY: Andrew Hore |
- POSTED: 21/07/2010 |
Three former Xploite directors have left the board of software consultancy Avisen less than three months after the merger was completed.
The news has knocked 1.25p off the share price. At 7.125p a share, Avisen is valued at £16.1m. The technology performance management consultancy offered 3.6 of its shares for each Xpolite share and the bid was completed in April 2010.
Executive chairman Ian Smith, chief operating officer Anthony Weaver and non-executive Michael Frank have all stepped down from the board.
That leaves Marcus Hanke, Andrew Turner, Marcus Yeoman and Claire Milverton-Clark, the interim finance director and only former Xploite employee left on the board. Yeoman, the only non-executive left, has been on the board since before Avisen reversed into cash shell Z Group in February 2009. Hanke and Turner joined the board at the time of that reversal.
The administrator of data centre operator Cantono has been pursuing litigation against Xploite, which did not pay the deferred consideration for Cantono‘s former IT managed services business, but there has been no news about this in the past few months. Xpolite has given indemnities to the current owner of this business and it has to conduct the dispute with Cantono. The litigation is for up to £4.54m.
In September, Xploite is due to receive deferred consideration for the sale of the IT managed services business of up to £3.15m. If the buyer is dragged into any litigation and has to pay any claim then that would be taken out of the deferred consideration.
Avisen recently sold its South African business.
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