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Geong International Ltd says that it considered a Hong Kong listing but it has no intention of moving ahead with this.
Enterprise content management software provider Geong says it no longer considers a Hong Kong listing appropriate.
Last month, Geong clarified the debtors and accrued income it is carrying on its books. At the end of September 2011, total debtors were £18.5m, made up of £5.3m of invoices and £13.2m of accrued income which had not been invoiced.
Geong said that £2.2m of the £5.3m had been collected by the end of 2011 and a further £2.4m is due to be paid by the end of September 2012. The rest should be collected in the next couple of months.
Nearly all of the accrued income will have been invoiced by the end of 2012, which reflects milestones on contracts.
Figures for the nine months to December 2011 will be published on 22 February.
At 18.5p a share, Geong is valued at £7m.
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