Digital Vision Announces Timetable for 100:1 Reverse Stock Split

Posted by Joe Zaller
Feb 09 2011

Sweden-based post production tools vendor Digital Vision today announced the time timetable for a 100:1 reverse stock split.

The company said the decision to conduct the reverse stock split was taken at an extraordinary general meeting of shareholders on February 1, 2011. 

The reverse split means that 100 shares, each with par value of 0.025 SEK, will be consolidated into one share of par value of SEK 2.50. After the reverse split, the number of outstanding shares in Digital Vision will be reduced from 64,7723,000 shares to 6,477,230 shares.

According to the company’s timetable, February 11th, 2001 will be the last day of trading with the current number of shares; and February 14, 2011 will be the first day of trading for the consolidated shares.

Digital Vision has been making a number of changes since it reported a 36% drop in its Q3 2010 revenue, which it attributed to weakness in the US market and the impact of currency.

Last month, Digital Vision announced that it had acquired Image Systems, a specialist provider of image processing and motion analysis, in a cash and stock deal valued at approximately $7.2m.  As part of that deal, the company said it would make Mikael Jacobsson, the largest shareholder in Image Systems, the new CEO of Digital Vision, replacing current CEO Bengt Broman.

In a statement, Digital Vision said that planned reverse stock split is part of a previously announced financial restructuring program that was planned prior to the acquisition of Image Systems.

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