Ferranti International Plc warned the extraordinary general meeting – a mandatory meeting of shareholders that must be called if a company’s net worth falls below 50% of its paid-up share capital – that it expects losses to have risen over the same period of last year: I cannot report on the performance for the half year to September 30 1993, just completed, as indeed, we ourselves have not seen these results; however, we will incur another loss during the period which almost certainly will be larger than the comparable loss last year, chairman Eugene Anderson said; shareholders voted almost unanimously in support of a board resolution not to reduce the issued share capital for the time being – Anderson said that at this stage of the firm’s recovery plan such a move would be merely a technicality and would have no effect on the company’s ability to pay dividends.
