Scotts Valley, California-based Borland International Inc could do its long-suffering British shareholders a bit of good if it goes ahead with renewed plans to get a listing for its shares on the US NASDAQ national over-the-counter market. In the meantime, it has filed a registration statement with the US Securities and Exchange Commission to reincorporate the company in Delaware – it is at present registered in restrictive California – and at the same time will do a one-for-five reverse share swap that will make its shares rather heavier. Subject to shareholder approval, the reincorporation will involve the exchange of the shares currently held for shares of the newly formed Delaware company, with shareholders getting one share of common in the Delaware company for each five they hold of the current California company, but no new money will be raised, and there will be no change in the business, operations or management of Borland as a result of the reincorporation. On a US quote, the company said it is considering a proposed underwritten US public offering of its shares. No definitive decisions have been reached on this, or on the number of shares or timing, such decisions being dependent on including general economic and market conditions, the trading price of the company’s shares, and its current and prospective financial performance. Borland will seek approval from its shareholders to sell up to the equivalent of 12m old shares during the 15 months following the 1989 annual meeting of shareholders.
