Ailing Acorn seeks £17.2m cash
Thursday 23 February 1995
The announcement comes on the same day the company announced a £3.4m pre-tax loss for the year to the end of December, compared with a pre- tax profit of £115,000 in 1993.
Acorn, whose shares are currently traded on the unlisted securities market, announced it will be joining the full list when the company's new shares start trading by 21 March.
Online Media will provide a box to be put on top of the television set that will allow users to receive and decode a wide range of services in their homes and offices. The project is currently on trial in the Cambridge area.
Acorn does not expect to see revenues from the project for two to three more years. Olivetti, the Italian computer giant, which owns 78 per cent of Acorn, will not be taking up its share of the rights issue. Olivetti's share of the company will fall to 59 per cent, at a cost of £2m to the Italians. Instead, the shares will be placed with institutional investors.
The placing, at 80p a share, implies a market capitalisation for Acorn of £81m.
The company blamed its loss for the year on a decline in demand for computers from schools, its traditional market. The company said it failed to respond to the downturn quick enough to prevent the losses. It has now reduced its cost base, cutting 15 jobs out of a workforce of 130 in the UK.
Sam Wauchope, the managing director, said he expected Acorn to return to profitability this year.
The company made a loss per share of 4.9p, against earnings per share of 0.2p in 1993. It is not paying a dividend.
- 1 What happens to your body when you give up sugar?
- 2 Japanese island overrun with cats after population explodes
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 Average penis size revealed: Scientists attempt to find what is 'normal' to reassure concerned men
California teacher appears to have hanged herself in her classroom
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
Bubonic plague-carrying fleas found on New York City rats
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£18k + Uncapped Commission (£25k Y1 OTE): Guru Careers: We are seeking an Inbo...