Scanvec Amiable Takes Back 26% of Its Outstanding Shares
Press release from the issuing company
PHILADELPHIA--Aug. 24, 2004--- Scanvec Amiable Ltd. today announced the surrender by certain former directors and employees of the Company of 1,756,500 ordinary shares comprising approximately 26% of the ordinary shares outstanding immediately prior to the surrender. The surrender is the result of the recent settlement, pursuant to a settlement agreement finalized as of August 16, 2004, of a lawsuit brought by the Company against the former directors and employees. As a result of the surrender, the percentage of the equity ownership represented by each remaining outstanding ordinary share has increased by more than 30%. The Company now has 5,389,600 fully diluted ordinary shares outstanding as compared to 7,146,100 prior to the surrender. The surrender will have a significant impact on the Company's per share calculations going forward. For the second quarter ended June 30, 2004 the Company reported fully diluted earnings per share of $0.08. Had the surrender occurred prior to the end of the second quarter, on a pro forma basis, fully diluted earnings per share, calculated on the basis of 1,756,500 fewer ordinary shares outstanding, would have been $0.11. Beginning in the third quarter of 2004, the per share calculations will reflect the effect of the surrender.
Mark Blundell, Chairman of Scanvec Amiable, commented, "We are pleased to have this matter resolved with a positive outcome for our shareholders. At yesterday's closing price of $1.02 per share the surrendered shares would have had a market value of approximately $1.8 million. With the lawsuit now settled management can fully focus on continuing to execute on our growth strategy for the Company."
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