Effective Date - January 21, 2008
TORONTO, Jan. 11 /CNW/ - Angoss Software Corporation (Angoss) (TSX-V:
ANC) today confirmed a planned effective date for its share consolidation
plan. The Angoss share consolidation plan, approved by shareholders January 3,
2008 remains subject to the approval of The Toronto Venture Exchange
(Exchange), such approval currently expected to be received on or prior to
January 18, 2007.
Subject to receipt of such approval, the Effective Date will be January
21, 2008 with the consolidation on January 19, 2008 and the post-consolidation
split on January 21, 2008.
"We are pleased with the overwhelming positive vote in favor of
consolidation at our shareholders meeting held earlier this month," commented
Angoss President Eric Apps. "This Plan will return cash to small and odd lot
shareholders, and help rationalize the Company's capital structure to support
future business expansion plans."
Share Consolidation Plan
Angoss currently has outstanding approximately 40,000,000 common shares.
Based on current data, approximately 6,000,000 or 15% of these shares are held
by an estimated 3,500 shareholder accounts, representing an average of
approximately 1,750 common shares per holder. Among these shareholders,
holdings range from 1 to 10,000 common shares.
The basis of consolidation will be 7,500 common shares for 1 common
share, followed immediately by the deconsolidation of the consolidated shares
to achieve minimum distribution and other requirements of the Exchange. On
such basis, holders of less than 7,500 shares who do not elect to increase
their holdings to above 7,500 common shares prior to January 19, 2008 would
receive a cash payment of $0.18 per common share, being the weighted average
trading price of the common shares during the 45 day period preceding October
11, 2007, the date of announcement of the Share Consolidation Plan. Up to
$1 million, inclusive of meeting, advisory and transaction costs, has been
allocated to the implementation of the Share Consolidation Plan.
Under the terms of the Plan, it is estimated that up to a maximum of
approximately 6,000,000 (15% of currently outstanding) common shares in be
cancelled, and a corresponding reduction of up to approximately 80% in the
number of current Angoss shareholder accounts. Shares purchased in conjunction
with the share consolidation will be cancelled. Purchase transactions for such
cancelled shares and all associated costs will be funded by the Company. Final
particulars of the consolidation plan will be provided later in January with
the release of preliminary results for the 2008 fiscal year.
Under the approval, the Company reserves the right to terminate the Share
Consolidation for any reason, up to the time of filing the articles of
amendment giving effect to the Share Consolidation Plan.
Angoss Software empowers people to make "Better Business Decisions.
Some of the world's leading financial services, telecom, life sciences,
and retail organizations use Angoss predictive analytics software and services
to grow revenues, while reducing risk and cost. Angoss helps our clients
utilize business data to discover the key drivers of behavior, predict future
trends and events, and act with confidence when making business decisions.
Angoss combines powerful market proven software with focused industry
services expertise in the deployment, integration and use of predictive
analytics in enterprise environments. Our differentiators include broad user
acceptance, a commitment to open standards, rich functionality, rapid
deployment, exceptional ease-of-use and affordability.
Headquartered in Toronto Canada, Angoss has offices in the UK and
Australia and partners with the world's leading enterprise software and
services vendors. For more information, visit www.angoss.com.
This press release contains statements of a forward-looking nature. These
statements are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. The accuracy of these statements may
be impacted by a number of business risks and uncertainties that could cause
actual results to differ materially from those projected or anticipated,
including: the risk that the sale of our products and services involves a long
sales cycle; the risk that the economic environment and business conditions
will remain difficult to predict; the risk of competition in our target
markets; the risk that we may not respond adequately to evolving technologies;
the risk that we or our customers may have difficulties in introducing our
products or services; the risk that we will encounter difficulties in
continuing to offer services; the risk that we will encounter difficulties in
integrating the operations of acquired companies with our own; the risks of
conducting our operations in a variety of international locations; the risk
that we may need to record future write-downs of assets arising from our
investments in other companies; the risks relating to the costs that we may
incur as a result of litigation against us; and other risks described in our
filings with securities regulatory authorities, including our annual reports,
interim financial statements and similar disclosure documents. Angoss Software
does not undertake any obligation to update this forward-looking information
after the date of its initial publication, except as required under applicable
Note: The Toronto Venture Exchange has neither approved nor disapproved
the above information.
For further information:
For further information: Lon Vining, Chief Financial Officer, (416)