Soditech: turbulences on the security at the Stock Exchange

The engineering company at Sophia, which made a correction downwards on its accounts 2000, had to ask for a suspension of its security on the New Market.

There are new turbulences on the stock market for Sofitech Ing, the engineering company of Sophia, listed on the New market at the end of November 2000. The quoted price was suspended on Friday June 8th for three days, on request of the group, following the revision downwards of the income statement of the period 2000, which was already published though.When analysing the accounts receivable, an entry worth nearly 2 million euros was advanced, the turnover of the year 2000 grew from 26.05 million euros to 28.04 million euros. “This rectification comes at the same time of the departure of a significant team of consultants at another client’s », it is mentioned on the website of Boursorama.com (about fourty people). As a consequence, the net profit, which was positive at 1 million euros, become negative (- 0.4 million euros).For 2001, Soditech maintains the estimates whereas Maurice Caillé, the CEO, will plow back into the company the totality of the net proceeds for the transfer of its securities, made during the listing on the Stock Exchange and will proceed to a buyout of shares for an amount asset at 2.3 million euros.However, on Wednesday, the security of Soditech Ing remained impossible to quote. After the three sessions of suspension, it was down 7.86 euros, its lowest level of the year. It was listed in November at 13.65 euros and had already lost 16% on the first day of its quotation. Moreover, the ordinary general assembly of the company, which had to take place on Thursday June 14th was postponed on September 7th 2001.