EIDOS RESPONDS
TO SHARE MOVEMENT
Copyright 2005 Eidos Plc
[ January 7th 2005 ]
The
Board of Eidos has noted the recent rise in the
Company's share price. Although, as described
below, discussions with potential offerors are
continuing, the Board is not aware of any particular
reason to justify this movement.
Since
the last statement at the AGM, the Board has continued
to conduct discussions, including detailed due
diligence, with potential acquirors of the Company
with a view to securing an offer. On the basis
of these recent discussions, the likelihood and
extent of any premium achievable to the market
price prevailing before the recent speculative
movements is unclear. Nevertheless, the Board
remains committed to a sale of the Company in
the best interests of its shareholders and will
continue to pursue the discussions still under
way with a view to securing an offer as soon as
possible. However, there can be no assurance that
these discussions will result in an offer being
made nor as to the level of any such offer.
As
previously reported the Company has a significant
release line-up scheduled for the second half
of FY05 and is reliant on the performance of those
releases to reverse its expected substantial losses
in the first half. The timing of the release schedule
will lead to a working capital requirement in
the second half which is expected to reverse rapidly
as cash from game sales is received in due course.
The Board will respond to this temporary requirement
through the use of normal working capital resources
and techniques.
|