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February 15, 1989


By CBR Staff Writer

The failure of PPL Plc was perhaps the most shocking of its kind to have hit the UK computer sector – a company that has been around for a decade or more, reaches the point where it reckons it is ready to go public, floats its shares, had to report a maiden loss six months later, sees its shares suspended in November, and is in receivership by the following January raises an eyebrow or two even in the computer sector – and aggrieved shareholders who feel they were misled by the prospectus, and the parties involved, principally accountants Deloitte Haskyns & Sells and merchant bank J Henry Schroeder Wagg have come up with a behind-closed-doors plan to offer holders UKP1.88m, with those who bought their shares at the placing or before April 4 being offered 70% of the placing price, those who bought between April 4 and June 5 being offered 50%, and the luckless ones who bought their shares after June 5 getting zilch.

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