Psion Shareholder Approve Disposal of Symbian Stake
Published by Ewan Spence at
Psion PLC's Shareholders have approved the disposal of Psion's stake in Symbian. Read more for the full press release.
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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