Bill Eastwood, a former corporate financier and currently chairman of Continuous Stationery Plc, has emerged as the person behind the suspension of Compsoft Plc’s shares last month (CI No 705). But, his plan, to merge Compsoft with unquoted fellow software houses Format Ltd and Sagesoft Plc, has, temporarily at least, been blocked by the Stock Exchange because of Sagesoft’s lack of recent audited accounts. According to Sagesoft managing director David Goldman, who earlier this year said that Sagesoft had no plans to float its equity on the stock market (CI No 601), the deal will go ahead as soon as the auditors have passed the accounts for the six months to March 31. He expects that to be done within three to four weeks. The unaudited results of the Newcastle-upon-Tyne accounts software company, in which Grosvenor Venture Capital has a 25% stake, show pre-tax profits of UKP601,000 on turnover of UKP1.72m. The last audited accounts, for the year to September 30, showed pre-tax profits of UKP600,000 on turnover of UKP2.2m. Compsoft’s full-year results, which will be released as soon as the company’s shares’ suspension is lifted, are expected to show the company trading profitably in the last half for ther first time in two years. In the first half, Goldalming, Surrey- based Compsoft lost UKP145,000. The junior partner in Eastwood’s plan, Format, a Derby-based producer of software with which to develop educational computer-based training, had a turnover of around UKP1m last year and is starting to move into profit on a month-by-month basis for the first time. Under the proposals, Eastwood will become chairman of the new company – no name yet; Goldman will become group managing director; Nick Horgan, Compsoft’s chairman will be Overseas chief; and Peter McGhie, Compsoft managing director remains head of Compsoft UK.
COMPSOFT REVERSE TAKEOVER IS DELAYED UP BY TARDY RESULTS FROM SAGESOFT
