Admiral Plc has duly announced its intention to sell its 49% stake in Powersoft UK. The directors of Admiral did not try too hard to conceal their intentions earlier this month (CI No 2,613) regarding the joint venture with Powersoft Corp. The Camberley, Surrey company had an option to sell if Powersoft was taken over, which it was by Sybase Inc (CI No 2,603). Admiral managing director Ceri James said that the funds released by divesting Admiral of its share… can be used more productively in continuing the growth of Admiral. The actual amount will be calculated in early April, with completion soon after.
