BEK Berkeley Tech

 

TIDMBEK 
 
RNS Number : 1722W 
Berkeley Technology Limited 
15 November 2010 
 

+---------------------------------+---------------------------------+ 
| FOR IMMEDIATE RELEASE           |                November 15 2010 | 
+---------------------------------+---------------------------------+ 
 
 
 
                          Interim Management Statement 
 
                            As of September 30, 2010 
             For the Three and Nine Months Ended September 30, 2010 
 
 
 
The Company continues to record net losses even though progress has been made in 
reducing operating expenses. Operating losses for the first nine months of 2010 
are 28 percent lower than the operating losses recorded for the same period in 
2009.  In September 2010, the Company received an additional distribution from 
the WorldCom securities litigation settlement in the amount of $103k. The 
recovery was offset by a reduction in the carrying value of private equity 
investments during difficult market conditions.  The Company's accounting review 
of investment values identified possible "other-than-temporary" impairments and 
thus write-downs of $719k were taken during the third quarter 2010.  The balance 
sheet of the Company is obviously affected by these investment write-downs as 
well as the continuing operating losses mentioned above. 
 
The continued operation of the company, with its complex corporate structure, 
has been consuming valuable corporate cash.  Our current corporate structure is 
expensive, very complex and inappropriate for a company of our size.  We believe 
that a move to eliminate that structure is now appropriate.  As a consequence, 
the Company is seeking shareholder approval at an EGM to be held on November 23, 
2010 to wind up the Company and distribute its assets to shareholders in 
accordance with their ownership in the Company. The Company's Board of Directors 
unanimously determined that the winding up of the Company is in the best 
interests of the shareholders. 
 
            On July 30, 2010, shareholders approved a resolution to hold up to 
25% of its ordinary shares as treasury shares and a resolution to repurchase up 
to 9,600,000 shares on the LSE at a price not more than 10% above, nor 10% below 
the average middle market quotation for the five business days before a purchase 
is made. No such repurchases have been made. 
 
 
Robert A. Cornman 
Berkeley International Capital Corporation 
rcornman@berkeleyvc.com 
415.249.0510 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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