View Full Version : Psion Shareholder Approve Disposal of Symbian Stake


Ewan
12-03-2004, 02:35 PM
Psion PLC's Shareholders have approved the disposal of Psion's stake in Symbian (http://fool.uk-wire.com/cgi-bin/articles/200403121409264853W.html). Read more for the full press release.

--- Press Release Follows ---

Psion PLC
12 March 2004 12th March 2004: For immediate release Psion plc Announcement of Resolution of Extraordinary General Meeting of the Company Psion plc announces that at its EGM held today, the resolution put to
shareholders concerning the proposed disposal by Psion plc of its stake in
Symbian Limited was approved. David Potter, Chairman of Psion, said: 'Since Symbian was formed, Psion have
invested cash of 29 million, while the estimated proceeds of the sale are
around 135 million. This transaction will deliver very substantial value for
shareholders. I am proud of what Symbian has achieved and I am proud of our
endeavour and stewardship of the Psion role in building Symbian. Once the market
understands the operating businesses of Psion Teklogix, we believe that the
value will come to be recognised and a proper value will be accorded to the
Company.' Alistair Crawford, Chief Executive of Psion, said: 'We are pleased that the sale
of our Symbian stake has gained shareholder approval. The task now is to grow
the Psion Teklogix business. As we have said before, however, the Board intends
to be prudent in its use of the disposal proceeds and will consider carefully
the return of any surplus funds to shareholders should that prove an appropriate
course of action in time.' Enquiries: Craig Breheny/ Emily O'Connell Brunswick +44 (0) 20 7404 5959 Note to Editors Psion (PON.L) is listed on the London stock market. It installs and services
rugged mobile computer systems to corporate customers in different industries
around the world under the Psion Teklogix brand. Psion Teklogix serves the growing trend for large and medium sized corporations
to support their field service operations with wireless access and support. It
provides companies with mobility, productivity, reliability, efficiency,
flexibility, security, accessibility, productivity and profitability (with a
rapid return on investment for customers). Customers include Cadbury Schweppes, Dell, Compaq, Nippon Express, The Hertz
Corporation, Volkswagen and Honda Europe. These companies require staff to use
mobile computers to instantly record and analyse data while operating in
difficult working environments such as docks, warehouses and refrigeration
stores. They use Psion Teklogix systems to collect and analyse information more
efficiently and so increase productivity and profitability. For more information, please go to
www.psion.com

martinharnevie
12-03-2004, 02:54 PM
Good for Psion! Goodbuy and farewell, and do not forget you're still a licencee of Symbian!

Now onwards to the next step. Ensuring a licencee-neutral and independent Symbian by spreading out those Psion shares among several different shareholders.

cheers
Martin

Hillsie
12-03-2004, 03:20 PM
What you fail to realise is that psions share will not be spread out among Symbian shareholders such as sony, panasonic and Siemens. Psion's shares will go to Nokia, resulting in the other shareholders turning their back on Symbian. The once great and independant "de facto" industry standard has been reduced to an arm on Nokia's research and development organisation. With 64% of Symbian, Nokia can now direct the development of Symbian to their own ends thus dissuading other shareholdes from investing. Would you want to buy a software system off of your main competitor? The last chance to stop Microsoft control now lies with Linux, but that is another battle. I am sick to my stomach thinking of what might have been for symbian, i am afraid that today we see the death of a truely independant an innovative company.

martinharnevie
12-03-2004, 03:33 PM
Not at all. I am fully aware of the threat. But as long as this is not a fait accompli, and other options for spreading of shares are not fruitlessly exhausted, this can still turn out well for all parties involved.

See the other thread:

"Other Symbian shareholders to block Nokia's purchase?"

http://www.allaboutsymbian.com/forum/showthread.php?s=&threadid=20641

Also take note of the following statement from Katsumi Ihara - President of Sony Ericsson:

"There are two important factors for Sony Ericsson with the Symbian OS....It should be open to anybody. Not perceived as proprietary to a single manufacturer. [It also depends on] UIQ being developed within Symbian. As long as those two conditions are met, Symbian will remain our open platform of choice.....We are in talks with other shareholders as to how we can secure these two factors. We can't comment further on this point,"

So there is still hope.

In fact, even if the shares are temporarily purchased by Nokia, there is still hope that Nokia will transfer shares to other shareholders at a later point in time. This would be in their interest as well.

Also take particular note, none of the statements that I have seen from this event mentioned anything about Nokia. I was even in touch with a few friends just now who participated in the event as small shareholders. They said the same thing. Nokia wasn't present, not even in the shape of a ghost. The decision was for the disposal of Symbian shares, not to whom they are to be disposed.

cheers
Martin

Hillsie
12-03-2004, 06:01 PM
Only time will tell, but as a keen observer/investor with over 100,000 invested in Psion on the basis that an IPO of Symbian would follow, i am not so hopeful. Nokia want to control their prefered software so that they can direct the fight against Microsoft.

Perhaps Nokia in their silence and absence from the discussion are banking on the remaining shareholdrs taking up their pre-emtion rights to buy some of the Symbian Stake, thus leveling the playing field again. However, this is not a foregone conclusion and i believe that it is in Nokia's interest to control the development of Symbian rather than ensure its independance.

I really hope you are right and a spread of interest occurs because if it doesn't, the choices for advanced mobile software will be limited to Nokia, Linux and god forbid Microsoft. Only time will tell but having spent 3 years of my life invested in the Symbian affair i believe that the writing is now on the wall. The days of the great vision of an independant advanced operating system servicing without fear or favour all mobile manufacturers regardless of colour or creed is now gone. I hope i am wrong, but time- as always will tell.

Hillsie
14-03-2004, 10:02 AM
Further to my post above here is a Register article which puts the point quite well. The future of Symbian lies with sony-Erricson and whether the "cant pay - won't pay" partnership has the inclination to continue with symbian.

http://www.theregister.com/content/68/36232.html

langdona
15-03-2004, 11:50 AM
And now according to this Evening Standard report (http://www.thisislondon.co.uk/news/business/articles/timid75667?source=) id seems that Symbian CEO David Levin may resign saying "he was 'bitterly disappointed' that Psion has sold to Finnish phone giant Nokia for 136 million, effectively ending hopes of a stock market flotation".

It seems like nobody apart from Nokia and Psion think this sale is a good idea.