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BN Infobank to Sell Online Commerce Software Unit for $10.4 Mln
Nov 29 1999 5:26
Infobank to Sell Online Commerce Software Unit for $10.4 Mln
London, Nov. 29 (Bloomberg) -- Infobank International
Holdings Plc said it will sell its software sales unit to a
company set up by one of its directors for $10.4 million, in order
to focus on its main business of making online commerce software.
Infobank will sell the Internet Software Corp. Ltd. to Ever
1129 Ltd., a company set up by Paul Ridley, an executive director.
It will receive $4.8 million cash, $3.2 million in loan notes, and
a dividend of $2.4 million. It may also get a payment in the event
of a share sale by Ever 1129.
The company has turned itself around since shares fell last
year on a warning that its full-year loss would be wider than
expected. It has since focused on business-to-business Internet
commerce products, while selling off its other interests such as
the Internet Software unit, which sells desktop software. That has
drawn the attention of investors, sending Infobanks's shares up
almost 3000 percent this year.
``This gives additional funding to market InTrade, which is
the product that has been driving its share price,' said David
Johnson, an analyst at Beeson Gregory Ltd. |
