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Harvard International

  • BY: Andrew Hore |
  • POSTED: 29/07/2009 |

Harvard International, formerly known as Alba, is moving from the Main Market to Aim.

The consumer electronic goods supplier has sold its loss-making medical equipment division, which distributes hearing aids and blood pressure monitors, and surplus properties for £10m. Businesses related to Harvard chief executive Daniel Harris, and which includes the Harvard finance director as an investor, is acquiring the assets. Harris and Rose are leaving the Harvard board.

The property portfolio is valued at £8.53m, following a £11.1m write-down.

Harvard has already generated around £93m from business disposals prior to the latest sale. It has already returned £15.4m to shareholders.

Loss-making Harvard will be able to concentrate on distributing consumer electronics equipment in the UK and Australia.  Harvard hopes to profit from the move to digital and investment in HD. The Alba and Bush brands have been sold, although Harvard has the right to use them in Australia. It still owns the Goodmans brand.

Harvard is in litigation with the MPEG LA Consortium concerning DVD players distributed by the company. A worst case estimate of the cost of losing the case is $8m. The main trial will start in 2010.

Prior to the disposals Harvard had net cash of £24.7m and an NAV of £34.1m at the end of March 2009. At the end of June 2009, prior to the latest disposals, net cash was £20.6m.

Shares in Harvard rose 9.75p to 42p each, which values the company at £15.5m. 

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