Share Name Share Symbol Market Type Share ISIN Share Description
Immersion Tech LSE:ITI London Ordinary Share GB00B1TYBN97
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.525p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods - - - - 4.20

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Date Time Source Headline
05/10/201606:00RNSNONSolo Oil Plc Investor Event, Edinburgh
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Date Time Title Posts
31/8/201123:17Solo Oil PLC18.00
12/8/200907:12THE BEST SPEAKERS IN THE WORLD1,447.00
30/3/200816:34IMMERSION TECHNOLOGIES...MULTIBAGGER FOR 2008..56.00
10/12/200707:59NXT FLAT SPEAKERS ARE FAR BETTER THAN IMMERSIONS2.00
05/6/200714:13ITI SPEAKERS31.00

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DateSubject
17/3/2009
21:10
8trader: Short memory treacle ! You tried to pump and dump this last year remember, another stock that has lost 90%+ since you ramped it ! Treacle28 - 22 Nov'08 - 10:55 - 741 of 1334 Intangible assets of £6,562,405 from results in March 2008. Referring to 100 pairs of the Dragon(R) Hybrid ESL loudspeakers ('the product') for Nakamichi Corporation Limited. Still not paid for but someone else could take them at half the price at worse and would be 1.25p on the share price with 265m shares in issue. Finals out next month.
07/2/2009
18:52
timely3: I remember Rodime well as I owned them, but sold out before the good times you describe. I am glad it worked out for you. ITI do need a miracle, but the Chairman is a canny operator and the Dutchman who is leading the operation seems an astute bod so I don't think all is lost - yet! It will be a critical 6 - 12 months. If they get a deal or get a settlement from Nakamichi their fortunes (and share price) could change significantly imo.
08/12/2008
19:18
treacle28: At worse scenario, flog them on ebay and would still be able to get 1/6 of the value at 1 million which would put a whole 0.50p on the share price on its own, or maybe I should buy the company with Net Assets of 1.65p on last results and offer 0.50p for the whole lot:- With 6.50 million pounds worth of speakers as an Asset I have revised my target share price to 2.25p now with 264 million shares in issue. At 2.25p, the IP and other bits would still not be valued!
08/12/2008
12:22
treacle28: L2 is still 2 v 1 with the other 2 market makers on 0.50p offer prices. Real prices with etrade online are 0.25-0.30p. 100K both ways. With 6.50 million pounds worth of speakers as an Asset I have revised my target share price to 2.25p now with 264 million shares in issue. At 2.25p, the IP and other bits would still not be valued! Intangible assets 6,562,405 http://www.advfn.com/p.php?pid=nmona&cb=1228738981&article=25489564&symbol=L%5EITI
25/11/2008
19:57
daveyjones2: "Treacle28 - 25 Nov'08 - 17:55 - 844 of 844 Indicators still pointing to a breakout with one MM on 0.50p offer as well..maybe upon release of final results on Monday:-" lol - lying again are we! The indicators are poiting to the share price breaking down again, what chart are you reading lol Lies
25/11/2008
12:26
daveyjones2: Treacle/chancer lost 50% of her investment on CAPT - after the price was marked DOWN prior to results. I expect the same to happen here with the price marked down prior to any results release. The results will not come out until next year IMO. So, with resulsts out next year IMO the share price will remain stagnant for some time before droping prior to results being released. No one likes results ebing released in this market, would be betetr for company if they came out as late as possible IMO.
24/11/2008
10:43
treacle28: Blue? Intangible assets of £6,562,405 from results in March 2008. Referring to 100 pairs of the Dragon(R) Hybrid ESL loudspeakers ('the product') for Nakamichi Corporation Limited. Still not paid for but someone else could take them at half the price at worse and would be 1.25p on the share price with 265m shares in issue. Finals out next month. Mkt cap only £450,000.
22/11/2008
10:55
treacle28: Intangible assets of £6,562,405 from results in March 2008. Referring to 100 pairs of the Dragon(R) Hybrid ESL loudspeakers ('the product') for Nakamichi Corporation Limited. Still not paid for but someone else could take them at half the price at worse and would be 1.25p on the share price with 265m shares in issue. Finals out next month.
20/11/2008
13:35
daveyjones2: There is a problem here, and it's not just the fact that treacle picked up WLW shares on Tuesday, the day before they tanked. It would appear ITI are in a spot of bother, the share price reflects this. The spread is 60%, and is one to be avoided IMO!!
13/4/2007
10:14
roodboy: ST James's Energy Acquisition RNS Number:0296T St James's Energy PLC 15 March 2007 15 March 2007 St James's Energy plc ("St James's") Offer to acquire Immersion Technology International plc ("Immersion") Audio speaker technology business to list on AIM via a reverse takeover Further to the announcement of 7 March 2007, The Board of St James's Energy is pleased to announce that it has today published an Offer Document and an Admission Document relating to the proposed acquisition of Immersion. The defined terms used in this announcement have the meaning as given to them in the Admission Document. The Offer Document has today been sent to all Immersion shareholders and has a first closing date of 30 March 2007. St James's has received irrevocable undertakings of acceptance of the Offer in respect of 132,400,000 Immersion shares, representing 75.3 per cent. of the total issued share capital of Immersion. The Admission Document has today been sent to all St James's shareholders and also to the Immersion shareholders. Copies are available from Nabarro Wells & Co. Limited, Saddlers House, Gutter Lane, London EC2V 6BR. Interested parties are advised to read the whole of the Admission Document and not rely solely on the summary information presented in this announcement. Shareholders will also be asked to approve a consolidation of the share capital of St James's Energy on the basis of one New Ordinary Share for every seven Existing Ordinary Shares held. In this announcement, references to New Ordinary Shares therefore refer to St James's Energy ordinary shares following consolidation. What is Immersion? * Immersion is an audio technology company with patented and patent pending technologies relating to both its high performance electrostatic loudspeakers (''ESL'') and award-winning conventional cone loudspeakers (''CCL'') (herein referred to as "Immersion Technology"). * The Immersion Technology has been researched and developed for over 10 years and has been designed with the intention to provide the highest possible audio reproduction characteristics and set a new standard to benchmark these characteristics. Immersion has achieved what the Immersion Directors consider to be a new level of high definition acoustics and has made an application to register the trade marks, HD-ATM or High Definition - AcousticsTM, to reflect this standard internationally. * The Immersion Technology reduces audio distortion to extremely low levels thus enhancing clarity without compromising volume in both ESL and CCL loudspeakers. * Immersion has the ability to manufacture ESL devices in thin, small aesthetically pleasing designs. In addition, the technology is proven to be scalable and can be incorporated into speakers of almost any size or shape. The Immersion Directors believe that these factors will provide a significant marketing advantage in the competitive market for audio reproduction devices. * On 22 December 2006, Immersion signed a 3 year manufacture and supply agreement for the supply of audio speaker products with a premier audio-visual and multimedia equipment provider Nakamichi Corporation Ltd. The contract specifies a delivery schedule for one particular product range whereby Nakamichi indicates that it may order US$12.1 million during the first two years, with a minimum order quantity of US$5.5 million during the same period. It is also expected that Nakamichi will commission further products from Immersion. * Immersion has also signed licence agreements for the use of the Immersion Technology with Alpine Electronics of UK Limited, a leading supplier of mobile media systems, and with BSS Audio Limited, a Harman International group company. Harman is a worldwide leader in the manufacture of high quality, high fidelity audio and electronic products for automotive consumer and professional use. * The Immersion Technology has already achieved industry recognition and awards, for example, at the 2006 and 2007 Consumer Electronics Show in Las Vegas and the Sound and Image Awards in 2004 in Sydney. How is Immersion Different? * Immersion has developed a multi-tiered strategy for commercialisation of its technology. The corporate strategy can be divided into three key areas; manufacturing, sales (including licensing) and marketing. Manufacturing * Immersion intends to outsource the manufacture of components for the products to third parties. The speakers will be assembled at a plant already identified in the Nanjing Jiangming Economic and Technological Development Zone. Companies such as Ford, Sony Ericsson, Pepsi-Cola and Toshiba already have a presence in the zone and Immersion intends to initially invest US$250,000 to provide for production, assembly and quality control testing. * The principal advantage of this strategy is to exploit the cost advantages of China manufacturing against a volume driven sales strategy designed to deliver high margins. Sales * Immersion's sales strategy encompasses four distinct elements. In order to diversify its revenue streams Immersion will firstly leverage its existing Original Equipment Manufacturing "OEM" distribution channels by continuing to concentrate on the design, development and manufacture of products for existing Consumer Electronic Manufacturer "CEM" customers. * Secondly, Immersion will manufacture and promote CCL audiophile products under the existing Immersion/Whise brands for retail distribution. * Thirdly, Immersion will manufacture products for commercial/ industrial applications together with custom designed complete systems. * Fourthly, Immersion will licence trademarks and logos to customers to be displayed on customers own products. Marketing * Immersion recognises that consumer awareness of its products is key to its commercial success. The Immersion Directors intend to invest in significant marketing and brand recognition activities. Immersion will build its brand internationally through a combination of association with CEMs, direct marketing, trade verification in key audio publications, trade fairs and exhibitions and public relations. Potential Market * The world market for audio reproduction devices is considerable. In hi-fi loudspeakers, sales were expected to reach US$3.682 billion by the end of 2006. With the increased uptake of new consumer electronics products such as plasma and LCD television screens, which incorporate speaker technology, the Immersion Directors believe that the prospects for growth are strong, Commenting on the planned Admission, Craig Evans, Chief Executive of Immersion said: "We are delighted with the prospect of becoming an AIM company. We believe our new investors will be thoroughly impressed with Immersion's achievements to date. However, we see this as just the beginning; we are encountering significant levels of interest in our speakers from a broad range of players in the Consumer Electronics industry. Our multi-tiered approach means that we can manage this demand in a variety of ways. Such a pipeline of potential orders means we can look forward to an exciting future." Key Information Immersion * On 22 December 2006, Immersion signed a manufacture and supply agreement for the supply of a product incorporating its technologies with a premier audio/visual and multimedia equipment provider, Nakamichi Corporation Limited. The contract is for the supply of a hybrid ESL and CCL product. The contract is for a period of three years and includes a delivery schedule whereby Nakamichi indicates that it may order US$12.1 million during the first two years, with a minimum order quantity of US$5.5 million during the same period. Immersion has developed and patented a series of technologies for application in audio speakers. Reasons for the Acquisition * The Board has considered a number of opportunities within the stated investment focus. However, the Board was unable to identify a transaction that would meet its investment criteria. In particular, the Board found that assets in the upstream energy and utilities sectors were either overpriced or too far away from a revenue stream. However, through their contacts, the Existing Directors have seen an increasing number of potential technology transactions. The Existing Directors believe that the technology sector has been relatively undervalued since 2001 and many products which were in the embryonic stage between 2000 and 2001, are now coming to commercialisation. * The Board considers that the acquisition of Immersion represents an excellent opportunity to enter the audio technology market for two main reasons. Firstly, Immersion represents an investment which is currently generating revenue and, in addition, has a contract in place with a premier audio/visual and multimedia equipment provider. Secondly, the Existing Directors believe that the current lack of market penetration of ESL loudspeakers (which according to research by Global Industry Analysts, was only 2 per cent. of a US$3.5 billion hi-fi speaker market in 2005) was largely due to its premium price over CCL loudspeakers. The Immersion Directors believe that the technology owned by Immersion offers superior audio performance at a cost that is competitive with the dominant CCL technology, which will enable them to target the entire loudspeaker market. The Board * It is proposed that Christopher Lambert will continue as Chairman of the Company and Kiran Morzaria will become a non-executive director of the Company. Timothy Wall will step down on Completion. Subject to Completion and Admission, the Immersion Directors will be appointed to the board of St James's Energy. The City Code and Concert Party * Following discussions with The Panel on Takeovers and Mergers, all of the shareholders of Immersion are considered to be sufficiently closely connected to be deemed to be acting in concert for the purposes of the City Code. In addition, certain St James's Energy Shareholders are deemed to be acting in concert for the purposes of the City Code because they are also co-investors in Immersion or in a number of other private and public companies. The Concert Party will own approximately 84.2 per cent. of the Enlarged Share Capital, assuming exercise in full by members of the Concert Party of the options issued as part of the Acquisition (and assuming that no other person exercises any options). * The Panel has been consulted and has agreed to waive any obligation of the Concert Party, which would otherwise arise as a result of the implementation of the Proposals, to make, pursuant to Rule 9 of the City Code, a general offer for the Company, subject to resolution 3 (as set out in the notice of EGM) being passed on a poll of Independent Shareholders. To be passed, this resolution will require a simple majority of votes cast on a poll by Independent Shareholders. * Following Completion, the Company and the Shareholders will no longer be entitled to the protections afforded by the City Code. On the basis of conversations with the Panel, the Enlarged Group would not be considered by the Panel to have its place of central management and control in the UK. Lock-in Arrangements * Under the AIM Rules, the Existing and Proposed Directors, applicable employees (as defined in the AIM Rules) and Shareholders holding more than 10 per cent. of the New Ordinary Shares, whose interests in the Company in total will amount to 42.6 per cent. of the issued New Ordinary Shares on Admission (assuming the Offer is accepted in full) have undertaken not to dispose of any interest in their New Ordinary Shares for a minimum period of twelve months following Admission except in the very limited circumstances allowed by the AIM Rules and for the period of a further twelve months, not to dispose of any interest in their New Ordinary Shares except with the prior written consent of Nabarro Wells (except very limited circumstances). * In addition, Shareholders who received Immersion Shares as a result of and in connection with the sale of assets by Winovate to Immersion, and Shareholders who received Immersion Shares as a result of the sale of Whise to Immersion, which amount to 27,100,000 New Ordinary Shares (representing 12.0 per cent. of the issued New Ordinary Shares on Admission assuming the Offer is accepted in full), have undertaken not to dispose of any interest in their New Ordinary Shares for a minimum period of twelve months following Admission except in very limited circumstances and, for the period of a further twelve months, not to dispose of any interest in their New Ordinary Shares except with the prior written consent of Nabarro Wells (except in limited circumstances). * In addition, Shareholders who invested in Immersion in the first round of investment following its incorporation, which amount to 33,250,000 New Ordinary Shares (representing 14.8 per cent. of the issued New Ordinary Shares on Admission assuming the Offer is accepted in full), have undertaken not to dispose of any interest in their New Ordinary Shares for a minimum period of six months following Admission except in very limited circumstances and, for the period of a further six months, not to dispose of any interest in their New Ordinary Shares except with the prior written consent of Nabarro Wells (except in limited circumstances). * In addition, Novus Capital Markets Limited, have undertaken not to dispose of any interest in their holding of 800,000 New Ordinary Shares for the period of six months following Admission, except with the prior written consent of Nabarro Wells (except in very limited circumstances). Change of Name * Subject to the approval of St James's Energy Shareholders and upon Completion, the name of the Company will change to Immersion Technologies International plc on Admission. Risk Factors * Prior to investing in the Company, prospective investors should consider, together with the other information contained in the Admission Document, the risks and other factors attaching to an investment in the Company, including in particular, the factors set out in the Admission Document Background to and Reasons for the Acquisition In the Company's AIM admission document dated 5 May 2006, the Board stated its intention to make investments in the upstream energy and utilities sector. The Company's geographic focus was stated as Europe and the Asia Pacific Region. Since this time, the Board has considered a number of opportunities of which two were taken to the advanced negotiation stage and one was taken to the advanced due diligence stage. However, the Board were unable to identify a transaction that would meet its investment criteria. In particular the Board found that assets in the upstream energy and utilities sector were either overpriced or too far away from a revenue stream. However, through their contacts, the Existing Directors have seen an increasing number of potential technology transactions. The Existing Directors believe that the technology sector has been relatively undervalued since 2001 and many products which were in the embryonic stage between 2000-2001 are now coming to commercialisation. The Board considers that the acquisition of Immersion represents an excellent opportunity to enter the audio technology market for two main reasons. Firstly, Immersion represents an investment which is currently generating revenue and in addition, has a contract in place with a premier audio/visual and multimedia equipment provider. Secondly, the Existing Directors believe that the current lack of market penetration of ESL loudspeakers (which according to research by Global Industry Analysts, was only 2 per cent. of a US$3.5 billion hi-fi speaker market in 2005) was largely due to its premium price over CCL loudspeakers. The Immersion Directors believe that the technology owned by Immersion offers superior audio performance at a cost that is competitive with the dominant CCL technology, which will enable them to target the entire loudspeaker market. The Immersion CCL technology was acquired by way of the acquisition of Whise by Immersion on 20 October 2006. It is award winning technology and already earns Immersion revenue through licensing in the automotive sector with companies such as Alpine Electronics and Harmon International. Background to Immersion Immersion was incorporated on 2 March 2006 to acquire and commercialise the IP rights related to ESL technology which had been developed by Winovate, an Australian technology incubator, as set out in the asset sale agreement summarised in paragraph 6.4 of Part X of the Admission Document. More than ten years of research and development had been invested into the ESL technology acquired by Immersion. The original ESL IP was created by Vass Electronics Pty Ltd and was purchased and further developed by Winovate from its incorporation on 5 December 2001. The current ESL technology is a combination of patented technologies, know-how and trade secrets, which improve the characteristics and design of the generic electrostatic loudspeaker and enable their manufacture in large quantities at an extremely competitive cost whilst retaining their acknowledged superior audio qualities. In May 2006, Immersion was introduced to the award-winning low frequency, CCL based, audio technologies owned by another private Australian company, Whise Acoustics. The Immersion Directors formed the view that the Whise technologies complemented Immersion's ESL technology and would further strengthen Immersion's market potential. Immersion entered into a share sale agreement to acquire Whise, as summarised in paragraph 6.5 of Part X of the Admission Document, which was completed in October 2006. Immersion has not traded since incorporation. At 11 July 2006 its net assets were 409,000. The turnover and loss after tax of Whise for the three years ended 30 June 2006 are as follows: 2004 2005 2006 A$'000 A$'000 A$'000 Revenues from 355 549 295 Ordinary activities Net profit/ (640) (39) (379) (loss) after income tax At 30 June 2006 the net assets of Whise were A$596,000. The Immersion Technology Immersion is an audio technology company with patented and patent pending technologies. Immersion's technologies relate to both high performance electrostatic loudspeakers (''ESL'') and award-winning conventional cone loudspeakers (''CCL'') and Immersion's ability to reduce audio distortion to extremely low levels thus enhancing clarity without compromising volume. Immersion's primary sales strategy is to manufacture and sell its audio technology to Consumer Electronics Manufacturers (''CEM'') with their own established distribution, promotion and routes to market. On 22 December 2006, Immersion signed a manufacture and supply agreement for the supply of product incorporating Immersion's technology with a premier audio/visual and multimedia equipment provider, Nakamichi Corporation Limited. After more than ten years of research and development, the Immersion ESL technology is now being commercialised. Designed with the intention to provide the highest possible audio reproduction characteristics and set a new standard to benchmark these characteristics, Immersion has achieved what the Immersion Directors consider to be a new level of high definition acoustics and has made an application to register the trade marks, HD-ATM or High Definition - AcousticsTM, to reflect this standard internationally. Immersion's technology reduces audio distortion to extremely low levels thus enhancing clarity without compromising volume. Immersion also has the ability to manufacture the devices in thin, small aesthetically pleasing designs and the Immersion Directors believe that these factors will provide a significant marketing advantage in the competitive market for audio reproduction devices. The high performance characteristics of Immersion's technologies are attained in two ways: 1. improving the operation of an ESL with Immersion's proprietary technology (ESL is generally regarded as superior to CCL for sound reproduction) subject to eleven specific patent applications; and 2. improving the operation of a CCL with PAMTM, NTMTM and VR/URTM also being proprietary technologies to Immersion, covered by seven granted patents and four patent applications. Both technologies have already received industry recognition, including: Consumer Electronics Show, Las Vegas, January 8th to 11th - Innovations 2007 Awards Honourees Since 1989, the prestigious Innovations Design and Engineering Awards at CES have given consumer technology manufacturers and developers an opportunity to have their newest products judged by a pre-eminent panel of independent industrial designers, independent engineers and members of the trade press. Immersion has supplied its ESL technology to Nakamichi Corporation Limited for the Nakamichi HD-ATM hybrid speaker (ESL and CCL) which is one of twelve honourees at the CES event in the ''Home Theater Audio'' category. CES states that the Nakamichi HD-ATM hybrid speaker ''belongs to higher-end realm of speakers, herald an era of hybrid electrostatic technologies, designed with engineering sophistication and deserved its reputation for excellence.'' 119a Active Subwoofer Wins 2004 Sound & Image Award At the 2004 Sound and Image Awards held in Sydney in June 2004, Whise took the award for best active sub bass CCL speakers in the AU$1,000-2,999 category. The judges commented: ''This small sub is packed with innovative technology that lets it take on - and beat - subwoofers twice its size and price''. Principal terms of the Acquisition The Offer is contained in a letter from St James's Energy forming part of an Offer Document being sent to the shareholders of Immersion. The Offer is subject to certain conditions and further terms as set out in the Offer Document and is being made on the following basis: for each Immersion Share one Acquisition Share and so in proportion to any other number of Immersion Shares held. Assuming the issue of the maximum number of Acquisition Shares and that no additional Ordinary Shares are issued in the period from the publication of the Admission Document to the time when the Offer is declared unconditional as to acceptances, the enlarged issued share capital of St James's Energy would be held on such date, as to 78.2 per cent. by Immersion Shareholders. On this basis, the Offer values the existing issued ordinary share capital of Immersion at approximately #19.7 million, based on the closing share price of the St James's Energy Shares on 7 March 2007, being the last Business Day on which St James's Energy Shares were able to be traded on AIM prior to the publication of the Admission Document. As described in the Admission Document, it is expected that two current shareholders of Immersion will become entitled to have issued to them a further 1,731,646 Immersion Shares on 1 July 2007, representing approximately 0.97 per cent. of the entire issued share capital of Immersion. These Immersion Shares will not be subject to the Acquisition and so it is expected that these shareholders will hold a minority shareholding in Immersion as from 1 July 2007. Current Trading and Prospects As at the date of the Admission Document, it is intended that the existing St James's Energy funds will be expended on: #'m Sales & marketing strategy 1.2 Product development 0.6 Establish manufacturing assembly facilities in China 0.5 Further develop and protect the Company's IP 0.2 Provide general working capital 0.5 Costs of Admission 0.5 3.5 Board of Directors Subject to Completion and Admission, the Immersion Directors will be appointed to the board of St James's Energy. The directors of the Company following Completion and Admission to AIM will be: Christopher Lambert, aged 48 (Non Executive Chairman) Mr Lambert has 22 years' experience in investment banking and commodity markets, holding positions including Director of Precious Metals Trading Europe for Prudential Bache Securities Inc. and head of precious metals trading (UK) for Barclays Bank plc. During this period, he structured a number of major transactions for central banks, governments and mining companies. He has subsequently acted as a consultant to mining companies on financial strategies. Mr Lambert is also chairman of two other AIM listed companies. Craig Douglas Evans, aged 39 (Chief Executive Officer) Mr Evans studied engineering at RMIT (Royal Melbourne Institute of Technology) and has a background of more than 15 years' experience as an executive for various private companies and has spent almost five years as a General Manager within the Tyco International Group. He has a strong operational background in manufacturing, strategic development, operational excellence, program implementation, acquisition opportunities and plant rationalisation, development and expansion both in Australia and China. Prior to his appointment as CEO of Immersion, he acted as General Manager of Winovate, being the private company that developed the ESL technology, and is a co-inventor of the manufacturing patents for the Immersion technology. Vincent Fodera, aged 36 (Executive Director) Mr Fodera holds a Bachelor of Laws degree from Bond University. He is a Barrister and Solicitor of the High Court of Australia and the Supreme Court of Victoria. He has over 10 years' experience in Commercial and Intellectual Property Law, providing key strategic, contractual and corporate advice. He has developed key marketing strategies and overseen the industrial relations and financial management of several private companies, including the development and implementation of commercial operating plans. Mr Fodera has a genuine interest in and an understanding of Immersion's technology and developed Immersion's trade marks. Blair Snowball, aged 33 (Finance Director) Mr Snowball, based in London, has 13 years of international experience in finance and advisory roles. He is a qualified accountant and an Associate of the Institute of Chartered Accountants of Australia. After completing his Bachelor of Commerce at the University of Western Australia, Mr Snowball worked for four years at KPMG in Audit & Advisory. He then moved to Ireland where he helped establish Barclays Insurance (Dublin) Ltd for the Barclays Group. After a year with a private bank in London and the Channel Islands, he joined Cable & Wireless plc in 2000 and performed various finance management roles in both Europe and the Caribbean before joining Immersion in 2006. Kiran Morzaria, aged 32 (Non-executive Director) Mr Morzaria holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. He has five years of exploration, mining and civil engineering experience. He was appointed Finance Director of River Diamonds plc in 2004 and since then has been overseeing the development of its mining and exploration projects in Sierra Leone and Brazil. In this role, Mr Morzaria has been involved in acquisitions, joint ventures, valuations, independent experts' reports, due diligence and capital raisings. Mr Morzaria is currently an executive director of St James's Energy, but upon Admission will become a non-executive director. Mr Morzaria is also a non-executive director of two other AIM listed companies. Sandy Barblett, aged 39 (Non-executive Director) Mr Barblett has extensive experience in sales and marketing having previously worked for the last ten years at Pace Micro Technology plc, where he was employed in senior executive management roles in the US, Asia Pacific and also Europe, Middle East and Africa. Mr Barblett holds a Bachelor of Laws from University of Queensland and a Bachelor of Business from Curtin University of Technology. Mr Barblett acts in various corporate advisory roles for start-up technology companies and is currently a non-executive director of Apogee Power, Inc and was previously a director of AIM traded company, Microfuze International plc. Gregory Turnidge, aged 53 (Non-executive Director) Mr Turnidge has had a diverse range of experience in his 30 year career. After working for the Reserve Bank of Australia, Mr Turnidge took up a senior policy advisory role for the Victorian Chamber of Manufactures. He was seconded to work in the Office of Management and Budget in the Victorian Government in 1982 and was subsequently appointed Managing Director of Aluvic Pty Ltd, a company he grew to an annual revenue base of A$250 million before being sold in 1998 for A$500 million. Mr Turnidge has undertaken capital raisings, public listings, major foreign exchange transactions and cross border financings. He has established and operated joint ventures in the USA, France and China and engaged extensively in international commercial and trade arrangements, especially in commodities. He has developed detailed experience in financial administration, human resource management systems and employee motivation programs and continues to act as a mentor to a number of senior executives. Timothy Wall, aged 30 (Non-executive Director) Mr Wall, who has been a director since St James's Energy was first admitted to trading on AIM, will step down on Completion and Admission to AIM. Mr Wall holds a Bachelor of Commerce degree from the University of Western Australia. He is an Associate of the Institute of Chartered Accountants of Australia with over eight years corporate and financial accounting experience. After spending three years working in Corporate Services for the Horwath Group in Australia, Mr Wall has spent the last five years performing various financial management and company secretarial roles in London. In 2004, Mr Wall was involved in establishing the London Office of Global Education Management Systems (GEMS) and performing an ongoing corporate accounting function. Mr Wall currently acts as Finance Director for MicroFuze International plc, which is quoted on AIM, as well as performing other corporate advisory roles. Further information on the Directors and the Proposed Directors is set out in the Appendix to this announcement. Extraordinary General Meeting The Admission Document contains a Notice of Extraordinary General Meeting to be held at No.1 Cornhill, London EC3V 3ND at 10am on Wednesday 11 April 2007 at which resolutions will be proposed, as set out in the Admission Document, including ordinary resolutions to approve the Acquisition and the issue of Consideration Shares and to approve the waiver of the obligation by the Concert Party to make a general offer under Rule 9 of The Takeover Code. - Ends -
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