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June 4, 1997updated 05 Sep 2016 12:17pm

AMSTRAD PASSES OWNERSHIP ON TO SHAREHOLDERS

By CBR Staff Writer

Amstrad Plc is seeking approval from the courts and its shareholders to engage in a graceful disappearing act, the final stage in the long deconstruction process of the Amstrad group. The company wants to pass ownership of its remaining subsidiaries, Viglen Ltd and Betacom Plc, directly to Amstrad’s existing shareholders, while the old company continues as a non- trading shell to house on going litigation. Amstrad is in the process of suing Seagate Technology Inc and Western Digital Corp for allegedly faulty disk drives supplied five years ago (CI No 3,160) and the company will remain in existence until that is settled. But Amstrad Plc will disappear from the London Stock Exchange, to be replaced by a new company called Viglen Technology Plc. Viglen Technology will be the holding company for the personal computer direct sales company Viglen Ltd and the non-trading Amstrad Ltd. The structure of the deal bears out founder Alan Sugar’s stated desire to return the majority of Amstrad’s value to its shareholders (including himself with a 34% stake) in a tax efficient manner. Amstrad’s existing members will surrender each one of their shares in return for a single share in Viglen Technology, a pro rata number of Amstrad’s shares in Betacom Plc, loan notes valued at 163 pence and a promissory note entitling them to a share of any compensation received by Amstrad Ltd in relation to its court battles. Viglen Technology will seek a full listing on the London Stock Exchange and hopes to be traded publicly by 4th August 1997.

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