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January 27, 1987

BORLAND COMES CLEAN ON LATE PRODUCTS

By CBR Staff Writer

US companies that float in London have built up an unfortunate reputation for disconcerting their UK fans with unexpected negative news, and Borland International Inc has followed the trend, warning that two of its key new products, Turbo Basic and Eureka: The Solver may not now be available before the end of the financial year this March, and that sales for the second half to March will be significantly below expectations. US companies quoted over here also tend to try to find ways of sweetening their unexpected pills, and to this, too, Borland has been true, doing a deal on its UK development operations that will net it a $1.6m pre-tax gain this year and save it $700,000 in a full year. The company is divesting much of its UK development activity, selling the rights to six unfinished products in development at Borland (UK) Ltd to a company formed by one of Borland (UK)’s directors, Niels Jensen. The acquiring company is Jensen & Partners International Ltd, which is paying $1.7m, to be met by cancellation of about 1m Borland shares held by Jensen & Partners. Six programmers, including Niels Jensen, will leave Borland on completion of the sale, which will require shareholder approval at an extraordinary general meeting.

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