Feeds

Mandrakesoft offloads shares to go shopping

Acquisitions on the horizon

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Mandrakesoft shareholders have given the company the green light for a stock sale that will raise up to $7.3m. A vote on Monday approved the sale of up to a million shares at €6, or $7.31, per share.

The stock is being sold as a private investment in public equity, and investors will largely be existing shareholder, the company said. The extra funds will allow it to transfer to a regulated market, Euronext Nouveau Marché, making it easier for stock to be traded and paves the way for Mandrakesoft to pursue an acquisition strategy.

Chairman Jacques Le Marois said that Mandrakesoft is already in acquisition discussions with several companies valued between $1.2m and $3.6m each, CNET reports. Shareholders have already backed the company in its bid to acquire Edge IT, a small French service and support company.

The company said the money is needed to "clean up its balance sheet" following its time in 'redressement judiciaire' (similar to chapter 11 bankruptcy protection), in 2003. The company emerged from its confinement in March this year, boosted by strong Linux sales. But Le Marois says it must grow if it is to compete with other, higher profile, Linux vendors.

When the company floated in 2001, its shares were listed on the unregulated Euronext Marché Libre exchange, and on the US OTC market. Le Marois said that the sell-off and the move to Euronext Nouveau Marché, should be completed by the end of 2004. ®

Related stories

Mandrake 'charges' $13k for $132 membership
Mandrakesoft exits bankruptcy protection
Mandrake Linux ate my CD drive

Beginner's guide to SSL certificates

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
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
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.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
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.