3D Diagnostic Imaging works to stay afloat

3D Diagnostic Imaging reported an operating loss of 1.7 million pounds ($2.7 million U.S.) for the 12 months from June 2011 to June 2012 on revenues of 181,062 pounds ($291,000).

Chairman David Snow described the revenue performance as "very disappointing," according to a company press release.

Earlier this month, 3D's board of directors announced that it had resolved to move the ownership of the group's operating business, CarieScan, into a newly formed private company, called 3D Diagnostic Imaging Limited (3DIL).

Once this transfer has taken place, the shares in 3DIL will be gifted to 3D's present shareholders, which will result in them owning the same number of shares in both 3D and in 3DIL as they currently own in 3D alone, according to Snow.

"As a consequence, the future development of the operating business will take place in a lower-cost, private company environment, with the same underlying shareholder ownership as at present," he stated.

Despite previous reports that the company intended to delist itself from AIM (alternative investment market), the London Stock Exchange's international market for smaller growing companies, it will remain listed on AIM but with no operating business and will become an investing company within the definition of the AIM rules.

Page 1 of 17
Next Page