Feeds

Pogo PDA maker restructures

Preps MBO

  • alert
  • submit to reddit

Security and trust: The backbone of doing business over the internet

Pogo Technology Ltd, the privately-owned UK niche PDA designer, is paving way for an MBO, through a restructure, following the failure of a shareholder to meet a funding commitment.

CTO Matthew Woolf said the management team has secured alternative funding and hopes the new arrangements will be in place in seven days. He declined to discuss customer volumes but noted that they were "not large enough to sustain a business and smaller than we hoped for at this point - the mobile data market has not grown as we projected. We came up with the (Pogo) concept in 1999 and set up in July 2000. The market has only got worse since then."

The Pogo MBO vehicle has to navigate its way through company closure and purchase of assets through a new business. So far as customers are concerned it should be business as usual, but for creditors it could be a different matter.

In a notice in today's Times, the firm announced a creditor's meeting for November 12, under Section 98 of the Insolvency Act.

Over to Insolvency UK, where we find the following definition.

Section 98 Gives formal notice to creditors of a Creditors' meeting to appoint a liquidator in a Creditors' Voluntary Liquidation. At the meeting the Chairman (a director) presents a Statement of Affairs and answers questions regarding the company's affairs. The creditors may appoint a liquidation committee to represent them.

So the deal is not set in stone - creditors could seek the appointment of their own liquidator, and an outsider could make a better offer for the assets than the MBO vehicle. Both scenarios are unlikely except, in the first instance, if the creditors have any reason to feel cross. Woolf says the company has kept staff, suppliers and customers in the loop.

Pogo currently has 27 employees, and 22 have expressed their commitment to stay on the company. According to Woolf, there is a good feeling about Pogo -"it's still the best in the market - it's cheep and cheerful, not expensive and complex.

Pogo launched its eponymous handheld device this year through Carphone Warehouse. ®

Related stories

Pogo bounces onto Carphone Warehouse shelves
Sticking it to Pogo

New hybrid storage solutions

More from The Register

next story
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.