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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8674N Advance Visual Communications PLC 29 November 2001 29 November 2001 - Embargoed - 0700 Advance Visual Communications PLC to focus on UK only ("AVC" or the "Company") Appointment of AVC as reseller of Blackberry wireless e-mail solution by BT Cellnet (separate announcement today) Highlights: * AVC to focus its operations in the UK, its strongest market * Closure of operations in France, Germany and Switzerland, reducing staff numbers from 70 to 25 * Restructuring to provide annualised savings in operating costs of #2 million * Resignation of Professor Rae Earnshaw as non-executive director and of Alexandre Sabeti as executive director * AVC appointed as reseller of Blackberry wireless corporate e-mail solution by BT Cellnet AVC announces today that due to current market conditions and associated losses it can no longer finance its holdings in continental Europe and instead will focus its entire operation on its strongest market, the UK. The decision was reached after thorough investigation of other strategic options. Companies wholly-owned by AVC outside of the UK have been notified that no further financial support can be granted to them. Subsequently, Advance eProductions SAS in Sophia Antipolis, France and Advance Visual Communications GmBH in Berlin are each in the process of filing for liquidation in their respective jurisdictions. Advance Visual Communications SA in Geneva, Switzerland and Advance Visual Communications New Media BV in Amsterdam (a non-operational holding company) have opted for voluntary closure. Heads of Agreement have been signed with Advance Visual Communications SARL in Paris (SARL-Paris) for a management buy out of SARL-Paris from AVC. The transaction under discussion is share based whereby the Paris based management will purchase 100% of the shares of SARL-Paris for 923,076 shares in AVC they currently hold. Outstanding debt to AVC from the SARL-Paris will also be written off. If the transaction does not materialise, the liquidation of SARL-Paris is probable. The remaining UK based operations will be reorganised and as part of this process, Advance Internet Solutions Limited, a dormant non-operational subsidiary of AVC, will be wound up. Professor Rae Earnshaw, non-executive director, and Alexandre Sabeti, executive director, have resigned from the AVC board with immediate effect. Overall, staff will be reduced from 70 to 25, including a reduction in head office numbers. The reduction in operational costs is estimated to be more than #2 million per annum, which is in addition to previously announced cost-cutting measures which amounted to #1.3 million per annum. Despite a reduced turnover, the restructuring is expected to diminish AVC's operating losses and enable the current cash balance to finance operations beyond its year-end of 30 June 2002. Going forward the Group will focus on Advance Digital Productions Limited in Bradford and Advance London Limited (previously xoo), providing Internet, Digital Video, Multimedia and Events services to AVC clients. The existing UK operations generated #1,152,000 of revenues in the year ending 30 June 2001, compromising 56% of the group's overall revenues. The Board anticipate a further restructuring of the trades of these two entities in order to improve client services and reduce administrative burdens. The remaining revenues generated by non-UK operations will cease as of the end of November 2001. BT Cellnet has appointed AVC as a reseller of the innovative Blackberry wireless email solution. This appointment is detailed in a separate statement announced today. A new UK based company will be formed to lead AVC's entry into the rapidly growing wireless enterprise data market and supplement the group's UK based revenues. Massoud Amiri, CEO of AVC, commented: "Difficult market conditions have forced us to part with many exceptional colleagues and we will miss the privilege of working with them. Additionally, I would like to thank Rae Earnshaw and Alexandre Sabeti for their support and guidance as directors over the past years." "AVC is now a smaller company that is more flexible and focussed. We are in a stronger position to weather the difficult trading conditions by concentrating on the UK, which historically has been our most lucrative market. All our efforts will be directed towards driving revenues and reaching profitability. Ultimately, survivors within our sector will enjoy a less crowded but more vibrant market in both Internet and Wireless services." - Ends - Enquiries: Massoud Amiri, CEO Advance Visual Communications, 0207 554 8680 David Rydell/Billy Clegg, Bell Pottinger Financial, 0207 861 3867
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