FMJ Formjet (See LSE:TQC)

 

TIDMFMJ 
 
RNS Number : 6187E 
Formjet PLC 
23 December 2009 
 

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Formjet Plc 
 
("Formjet" or the "Company") 
 
Trading statement for the year to 31 December 2009 
 
2009 has been a transitional year for the company with the sale of Panda 
Software (UK) Limited ("Panda Software") and Andrew Monk joining as CEO and 
taking a major equity stake in the business. 
In 2010 the intention is to grow the business by making strategic acquisitions 
and taking advantage of opportunities arising as a result of the current 
economic and financial crisis. It is important before embarking upon such a 
strategy to have one's own house in order and to that extent, as reported 
before, some costs have been taken out of the business. 
In addition, we will also be providing for the potential write off of our loan 
of GBP397,418 to ASI Benelux as the Board of Formjet does not believe it is in 
the interests of shareholders to fund this business further due to difficulties 
in the Dutch retail IT markets.  Formjet has no equity or ownership of this 
business. 
The Board will also be taking a very prudent approach to all accounting 
policies, which may necessitate  further write offs and provisions for the year 
ending 31 December 2009. 
We are able to take this approach, as our balance sheet remains strong. Deferred 
payments in respect of the disposal for Panda Software are due from Panda 
Security S.L. of GBP500,000 in June and GBP200,000 in December 2010. The Loan to 
ASI Benelux has already been expensed and so will not have any further cash flow 
impact. 
It is our intention to publish the Report and Accounts for 2009 as quickly as is 
practicable and earlier than in past years and they will include a fuller 
commentary on trading. 
 
For further information, please contact: 
Formjet 
Andrew Monk, Chief Executive Officer 
01293 848 860 
 
Shore Capital and Corporate Limited 
Andrew Raca 
Nominated Adviser 
020 
7408 4090 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTUOAKRKSRUURA 
 

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