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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ocz Tech Regs | LSE:OCZ | London | Ordinary Share | COM SHS USD0.001 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOCZ RNS Number : 1016O OCZ Technology Group, Inc. 02 March 2009 2 March 2009 OCZ Technology Group, Inc. Proposed cancellation of admission to trading on AIM OCZ Technology Group, Inc. ("OCZ" or "the Company", AIM: OCZ), a worldwide leader in innovative, ultra-high performance and high-reliability computer components, announces that it has today published a circular to shareholders of the Company ("Shareholders") to seek their approval for the cancellation of admission to trading on AIM ("Delisting") of the Company's common shares ("Common Shares") and depositary interests ("Depositary Interests"). The Company gives notice of an extraordinary general meeting ("EGM") to be held on 25 March 2009 at 8.30 a.m. (California time) at the offices of DLA Piper US LLP at 2000 University Avenue, East Palo Alto, California 94303, United States and concurrently at 4.30 p.m. (GMT) at the offices of DLA Piper UK LLP at 3 Noble Street, London EC2V 7EE at which, amongst others, a resolution proposing the Delisting will be put to Shareholders. The directors of the Company ("Directors" or "Board") unanimously consider the Delisting to be in the best interests of the Company and its Shareholders as a whole. Further to the announcement of 10 November 2008, the Company now intends to pursue a sole listing of its Common Shares in the U.S. Background The Company was admitted to trading on AIM on 21 June 2006 at an initial flotation price of 65 pence per share, representing a market capitalisation of GBP27.2 million. Since that date its share price has fluctuated in a range between approximately 3 pence and 176 pence per share and its market capitalisation has fluctuated between GBP1.6 million and approximately GBP90 million. The closing middle market price per share was 8.25 pence on 27 February 2009, being the last business day prior to the release of this announcement, giving the Company a market capitalisation of approximately GBP4.3 million. When the Company was admitted to trading on AIM, it had annual revenues of US$35.7 million. In the six month period ended 31 August 2008, the Company generated revenues of US$79.6 million. Monthly revenues, using the prevailing GBP/USD exchange rate, typically exceed GBP10 million. Whilst the Board is aware of perceived concerns resulting from the current state of the DRAM market, other industry specific issues and the lack of liquidity in global credit markets, it believes that the Company's financial position, the continued growth in its core business and its successful diversification into new, higher margin product areas justifies optimism for the future and a market capitalisation in excess of its net asset value. The current market capitalisation is significantly below the Company's net asset value as at 31 August 2008 of $28.4 million (GBP19.8 million using the prevailing GBP/USD exchange rate), based upon the unaudited interim results for the six month period ended 31 August 2008. For these reasons, the Board believes that the current market capitalisation significantly undervalues the Company. Given the poor share price performance of the Company and relative lack of trading liquidity, the Directors have undertaken a review of the benefits and disadvantages of the Company continuing to be admitted to trading on AIM, recognising, inter alia, the following key factors: * The Company is unable to raise capital through institutional or other investors or use its shares as currency for making acquisitions without causing significant and unacceptable dilution to Shareholders and the Directors do not expect this situation to change in the foreseeable future; * The Directors consider that the U.S. capital markets offer a better opportunity for both the valuation of the Company and the liquidity of its Common Shares; and * The Directors are advised that retaining the AIM quotation would adversely affect the prospect of achieving an appropriate valuation on U.S. capital markets. The Board now believes that for the reasons referred to above, among others, it should seek the cancellation of the admission of the Common Shares and Depositary Interests to trading on AIM. Following the cancellation of admission and prior to seeking a listing in the United States, as set out below, the Company will seek to arrange an off-market trading facility, allowing shareholders an opportunity to continue to be able to buy or sell the Company's shares. Further information is set out below. Delisting The Company has notified the London Stock Exchange of the proposed Delisting and, subject to the appropriate resolution being passed at the EGM, the London Stock Exchange has confirmed that the cancellation of trading in the Common Shares on AIM will be effective from 7.00 a.m. (GMT) on 2 April 2009. The Notice of EGM contains a special resolution (Resolution 1), which proposes that the Company's admission to trading on AIM is cancelled. The Delisting is conditional upon Resolution 1 being passed by not less than 75 per cent. of votes cast by Shareholders at the EGM. Following the Delisting Following the Delisting, the Company will seek to arrange a matched bargain settlement facility. Under this facility, Shareholders or persons wishing to acquire or dispose of (as appropriate) Common Shares would be able to leave an indication with the matched bargain settlement facility provider that they are prepared to buy or sell at an agreed price. In the event that the matched bargain settlement facility provider is able to match that order with an opposite sell or buy instruction, the matched bargain settlement facility provider will contact both parties and then effect the order. Shareholders who do not have their own broker may need to register with the matched bargain settlement facility provider as a new client. If and when the facility is arranged, the contact details of the matched bargain settlement facility provider will be made available to Shareholders on the Company's website (www.ocztechnology.com). U.S. Capital Markets The Board recognises the significant contribution to the Company's growth, which has been made by investors who have supported it since its admission to trading on AIM, and it is their hope that a new listing on a U.S. capital market should benefit Shareholders by providing increased liquidity and enhanced market capitalisation. Therefore, the Company intends to file a registration statement with respect to the Common Shares with the United States Securities and Exchange Commission and seek a listing in the U.S. Once such registration is effective, the Company would be obligated to issue public reports in the U.S. The Directors believe that the U.S. capital markets are a better fit for the Company given the large number of U.S. technology companies listed in the U.S. capital markets, better financial analyst coverage of the memory industry in the U.S. and the higher liquidity of certain markets in the U. S. Recommendation The Directors unanimously consider the Delisting and other matters referred to in this announcement to be in the best interests of the Company and its Shareholders as a whole and the Directors recommend that Shareholders vote in favour of the resolutions to be proposed at the EGM as they intend to in respect of their beneficial holdings of Common Shares amounting to, in aggregate, 14,226,939 Common Shares, representing approximately 27.25 per cent of the current issued share capital of the Company. Ryan Petersen, Chief Executive of OCZ commented: "Although we are disappointed to leave AIM, we believe it is the best course of action for OCZ and its shareholders to apply for a single listing in the US, where we feel there is a greater appetite among investors for innovative and rapidly growing technology companies such as ours. We thank all our UK investors for their continuing support and believe this move will align OCZ's market value with what we consider to be its true worth." A circular setting out full details of the Delisting and certain related issues has been posted to Shareholders today and will be available from the Company's website (www.ocztechnology.com). Enquiries: +--+-------+-----------------------------------------+------------------------------+ | OCZ Technology Group, Inc | | +----------------------------------------------------+------------------------------+ | | Ryan Petersen, Chief Executive Officer | +1 408 733 8400 | +----------+-----------------------------------------+------------------------------+ | John East and Partners Limited | | +----------------------------------------------------+------------------------------+ | | Bidhi Bhoma/Simon Clements | +44 20 7628 2200 | +--+-------------------------------------------------+------------------------------+ | College Hill | | +----------------------------------------------------+------------------------------+ | | Adrian Duffield/Carl Franklin | +44 20 7457 2020 | +--+-------+-----------------------------------------+------------------------------+ Note to editors OCZ develops, produces, and distributes high-performance computer components including flash memory storage, memory modules, thermal management solutions and computer power supplies, designed to make computers run faster, more reliably and more efficiently. With a reputation for innovation and excellence in a demanding and discerning market, OCZ extended its market leadership when it acquired PC Power & Cooling in May 2007, to become a global force in high-performance power supply and cooling products. In October 2007, it acquired high performance laptop and desktop computer systems maker Hypersonic PC to further diversify its product offerings. Based in the heart of Silicon Valley, OCZ employs approximately 300 staff across offices in the USA (Sunnyvale and San Diego), Canada, Holland and its manufacturing and logistics centre in Taiwan. www.ocztechnology.com This information is provided by RNS The company news service from the London Stock Exchange END MSCSSASAESUSELD
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