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Rubicon Software

  • BY: Andrew Hore |
  • POSTED: 14/07/2011 |

Rubicon Software is selling its software business to a company controlled by its chief executive and turning itself into a shell.

Alistair Hancock controls iAccel Ltd, which is buying the customer relationship management software subsidiary for £140,000 – minus the company loan to the subsidiary and plus professional fees. The deal includes the 41% stake in Virtual Sonar.

Rubicon will redesignate 9,312,576 of Alistair Hancock’s 11,038,572 shares in the company from ordinary to deferred and they will have no rights except the entitlement to the repayment of Hancock will still own 5% of the company.

The software business has not won the new sales it anticipated. Revenues declined and the loss increased at the interim stage. Trading has been difficult and the outlook is uncertain. Stripping out the costs of being quoted will help the business to be profitable.

The capital restructuring will increase non-executive director Richard Blakesley’s shareholding from 26.4% to 33.5% and shareholders will have to agree to a resolution that he will not have to bid for the company.

Blakesley has a technology-focused corporate finance background and he joined the board five years ago. He is a founder of Aim-quoted AdEPT Telecom.

The company’s name will be changed to Rubicon Diversified Investments. The new investing policy is as wide as it can possibly be and gives no indication of particular sectors.

At 0.55p a share, down 0.1p, Rubicon is valued at £240,000 but that will fall to less than £200,000 after the redesignation of ordinary shares to deferred shares.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf

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