Feeds

Totalise is bust – founder mops up biz

Whither shareholders?

  • alert
  • submit to reddit

Mobile application security vulnerability report

Totalise, the British ISP, went into administration today, and its assets were promptly sold to Peter Gregory, CEO and the founder of the company.

So the service and trading continues as normal - no customers, staff and suppliers of the trading subsidiaries (our italics) are affected. Only the holding company, Totalise PLC, is controlled by administrators. Of course it is at the holding group level that the share capital of the AIM-listed company, and possibly most of the debt, resides.

This could get a little messy for Totalise MKII. The ISP sprang to life as a semi-mutual concern, so its customers hold shares in MK1. Seeing the value of their admittedly small stakes torched, will they want to stick around?

Totalise PLC called in the administrators, because it "failed to secure further funding", the company said this afternoon in a statement to the London Stock Exchange.

Can't imagine that Totalise MKII will be returning in a hurry to AIM, the junior London stock market. Last week MKI's listing was suspended, because of failure to meet the deadline for filing interim results. ®

Related stories

Totalise suspended on AIM
Totalise ends free share offer

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.