Feeds

Symbian raises £50m in rights issue

Smooths over Psion stake sale

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Symbian today issued £50m worth of shares in a deal which allays shareholder concerns that it was turning into a Nokia puppet.

As anticipated, the smart phone operating system supplier today revealed that shareholders Panasonic, Siemens and Sony Ericsson had exercised their right to buy a portion of Psion's 31.1 per cent stake, which the Symbian founder had put up for sale in February. Psion had announced its intention to sell the lot to Nokia.

With other shareholders' pre-emption rights plus the additional rights issue, Nokia will end up with a 47.9 per cent stake in Symbian, enough to give it real clout in the company's direction but not enough to put it in charge. Ericsson ends up with 15.6 per cent, Sony Ericsson 13.1 per cent, Panasonic 10.5 per cent, Siemens 8.4 per cent and Samsung, which, like Ericsson, had not excercised its pre-emption rights, 4.5 per cent.

The Ts will be crossed and Is dotted by 12 July 2004, Symbian said. It's unlikely to be able to say then who the company's new, independent non-executive chairman will be. Symbian is looking for one, at the behest of the shareholders, who want to ensure they get their money's worth, going forward.

In addition to smoothing over who-owns-what, the fresh rights issue secures funding for expansion. Symbian expects its cost base to rise from £70m to £100m this year, with its workforce growing 33 per cent from 900 to 1,200.

Psio has done well out of the deal too. It was to have sold its stake to Nokia for £135.5m. Now it will receive £137.7m.

As of 30 June 2004, there were ten Symbian OS licensees, one more than this time last year, with 34 "phones and variants" based on the OS in development. Some 2.4m Symbian-based handsets shipped in Q1 2004 - Symbian didn't say what was Q2's total. ®

Related stories

Symbian owners foil Nokia takeover
Germany approves Nokia's Symbian plan
Symbian loophole 'threatens operator revenue'
Symbian hands out certificates
Dollar decline stunts Symbian growth
Symbian doubles sales

The next step in data security

More from The Register

next story
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
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
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
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
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?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.