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Independent International Investment Research

  • BY: Andrew Hore |
  • POSTED: 01/09/2008 |

Independent International Investment Research, one of the London Stock Exchange appointed providers of research for small quoted companies, has decided it is not worth its while being quoted on Aim.

IIIR shares were suspended at 11.5p each when it announced it had come to an agreement with Google over its G- Mail trademark on 25 July. That values IIIR at £3m, which is little more than half of the £5.22m raised at 106p a share when it joined Aim on 2 August 2000.

IIIR says the direct costs of the quotation are rising and it can save £125,000 a year by leaving Aim. IIIR also claims that the quotation costs £75,000 a year in management time. The total directors pay in 2006-07 was £154,000, with the highest paid director getting £100,000 of that. Even if the directors pay has increased, and other people in the company are also involved with the quotation, the £75,000 figure looks high. Finding a replacement nominated adviser for Insinger would have taken up a lot of time last year but this shouldn’t be a regular feature of the quotation.

IIIR also says that its weakening board of directors and difficulties in raising money mean that it hasn’t been able to be a consolidator in the research sector. That negates one of the main reasons for the Aim quotation. Growth is most likely to be organic.

Full year results have been announced but the annual report hasn’t been published. That means that the shares remain suspended.

The Google dispute over G-Mail is complicated but suffice it to say that the rights to the trade mark have been sold to Google for £226,000 in cash. This more than covers the past costs of the legal wrangle.

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