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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altea Green Power Spa | BIT:AGP | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.32 | 8.20 | 8.32 | 0.00 | 06:40:39 |
RNS Number:7923P AIT Group PLC 16 September 2003 0700, 16 September 2003 AIT GROUP PLC ("AIT" or "the Company") AGM Statement At the Company's AGM being held at 10 a.m. today, at the Company's HQ in Henley-upon-Thames, Richard Hicks, Executive Chairman, will make the following statement: Key Points: * AIT is making good progress with its turnaround plan and is now trading profitably. * Financial position will be strengthened through additional #5m of funding. * Cash flow to be improved by rescheduling of debt. * Global sales initiative significantly strengthened through appointment of Keith Waterman, Head of Global Sales. * New product development initiatives are progressing well. * Prospects for AIT's flagship product, Portrait, are encouraging. Statement in Full: "I am very pleased to be able to announce that trading in the new financial year has commenced as forecasted by our new management team. The strict financial controls which the team have put in place, combined with an encouraging level of demand for Portrait, our flagship CIM product, have enabled AIT to trade profitably in the financial year to date. Phase 1 of the Turnaround plan involved a radical overhaul of the Company's cost base to a level more consistent with anticipated revenues. In implementing Phase 1, it was also of vital importance that we retained the loyalty of our customers worldwide. The ongoing adoption of Portrait by such organisations as Nationwide Building Society and Rainier Pacific Bank demonstrates that we have been successful. Phase 1 of the plan was completed on 31 March 2003. Phase 2 of the plan envisages the stabilisation of AIT and a period of modest profitability, which we have now entered. The Company's financial position will also be significantly strengthened through the securing of a further #5m of funding from the issue of the Convertible Loan Notes. Furthermore, cash flow will be improved by the rescheduling of certain of the Company's debt obligations, as announced on 22 August 2003. A key component of our turnaround plan is the restructuring of our sales force and we have already made several important appointments in this area. Our sales initiative has now been further strengthened through the appointment of Keith Waterman as Global Head of Sales, with overall responsibility for global sales management, strategic alliances and partnerships, and marketing. Keith will be a major asset to the AIT management team. He has excellent credentials in the IT sector, with extensive experience of building and leading business development teams to sell software to financial services organisations. We have made good progress with new product development initiatives and we continue to deliver new versions of our product on time and to specification. It is our intention to build upon Portrait's technical superiority, so as to allow the Company to continue to offer the best of breed solution in a growing CIM market. We recently commenced work on a contact handling system for a leading UK Police Force. This represents an important first step into a new vertical sector and we see other opportunities developing for Portrait in the emergency services market. In addition to our existing customers in the financial services sector, we are also working on a number of projects with several other financial organisations. Prospects for our Portrait product are therefore encouraging. I would like to take this opportunity to thank our staff once again for the high level of commitment they continue to show to the Company. It is due to their enthusiasm and determination that I am able to be confident that we will continue to drive the Company steadily forward towards Phase 3 of the turnaround plan: to return AIT to the type of growth and profitability experienced during the first fifteen years of the Company's existence." Richard Hicks Executive Chairman EGM and Conversion of Loan Notes As announced on 22 August 2003, the Annual General Meeting will be followed immediately by an Extraordinary General Meeting to seek the approval of the Independent Shareholders of a waiver, which the Panel has agreed to grant (subject to such approval being obtained), of the obligation of the members of the Concert Party or any of them under Rule 9 of the City Code that would otherwise arise to make a mandatory offer for the Company upon conversion of the Loan Notes and/or the Director's Loan and Former Directors' Loans and to seek the necessary authorities and disapplications under the Act to permit the Board to allot the New Ordinary Shares arising upon conversion of the Convertible Loan Notes. ENQUIRIES: AIT Group plc Tel. 01491 416600 Nick Randall, Chief Executive Officer Matthew White, Chief Financial Officer Arbuthnot Securities Tel. 020 7002 4600 Guy Peters Dru Danford ICIS Tel. 020 7628 1114 Archie Berens Caroline Evans-Jones This information is provided by RNS The company news service from the London Stock Exchange END AGMBIGDCIDBGGXU
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