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October 11, 1998

VIGLEN SHARES LEAP AFTER SUGAR BUYS BIG HOLDING

By CBR Staff Writer

UK electronics entrepreneur Alan Sugar has paid 2.3m pounds to buy 9.7 million shares in Viglen Technology Plc, which increases his holding in the PC maker from 33.7% to 41.7%. At this level of ownership, Sugar is obliged under the city code on takeovers and mergers to make a full-scale bid for the shares he does not own. But a spokesperson for Viglen said the company had been informed by Sugar that he did not wish to take the company into private ownership. Viglen shares leapt 64% to 23 pence on the news. Viglen’s share price collapsed from 87.5 pence towards the end of last year to a recent low of 14 pence as analysts took a dim view of the company’s ability to compete in the cut-throat PC market. Last month, the company reported net income in the year to June 30 down 9.9% to 2.7m pounds on revenues that declined 6.1% to 94.6m pounds.

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