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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Berkeley Tech | LSE:BEK | London | Ordinary Share | GB0000942184 | ORD US$0.05 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.31 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBEK RNS Number : 1722W Berkeley Technology Limited 15 November 2010 +---------------------------------+---------------------------------+ | FOR IMMEDIATE RELEASE | November 15 2010 | +---------------------------------+---------------------------------+ Interim Management Statement As of September 30, 2010 For the Three and Nine Months Ended September 30, 2010 The Company continues to record net losses even though progress has been made in reducing operating expenses. Operating losses for the first nine months of 2010 are 28 percent lower than the operating losses recorded for the same period in 2009. In September 2010, the Company received an additional distribution from the WorldCom securities litigation settlement in the amount of $103k. The recovery was offset by a reduction in the carrying value of private equity investments during difficult market conditions. The Company's accounting review of investment values identified possible "other-than-temporary" impairments and thus write-downs of $719k were taken during the third quarter 2010. The balance sheet of the Company is obviously affected by these investment write-downs as well as the continuing operating losses mentioned above. The continued operation of the company, with its complex corporate structure, has been consuming valuable corporate cash. Our current corporate structure is expensive, very complex and inappropriate for a company of our size. We believe that a move to eliminate that structure is now appropriate. As a consequence, the Company is seeking shareholder approval at an EGM to be held on November 23, 2010 to wind up the Company and distribute its assets to shareholders in accordance with their ownership in the Company. The Company's Board of Directors unanimously determined that the winding up of the Company is in the best interests of the shareholders. On July 30, 2010, shareholders approved a resolution to hold up to 25% of its ordinary shares as treasury shares and a resolution to repurchase up to 9,600,000 shares on the LSE at a price not more than 10% above, nor 10% below the average middle market quotation for the five business days before a purchase is made. No such repurchases have been made. Robert A. Cornman Berkeley International Capital Corporation rcornman@berkeleyvc.com 415.249.0510 This information is provided by RNS The company news service from the London Stock Exchange END IMSDMMMMLKDGGZG
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