The company posted a pretax loss of
Oxford Advanced has decided, following a strategic review, to split its operating business
It is proposing that new shares in the newly formed business be offered to potential investors including current management and investors, whilst leaving the publicly-listed company with no less than 75% of the overall shareholding in the new business. If this plan is approved, the new business will establish its own board consisting of existing directors of the publicly-listed company and investor representatives.
The publicly-listed company will not have any on-going funding commitment to the new business, and the new business will seek any required financing independently.
The company will change its name at the next annual general meeting to reflect its new structure, and said it will continue to consider its investment in the business as the best way to maximise shareholder value.
After suspending further investment into its VISARC technology in 2013, the company has decided that there is "very limited opportunity" for it to create value in anti-reflection products. It is continuing to assess the possibility of using the technology for other applications, and the patents and know-how related to the technology will be transferred to the
The company has continues to develop its OntoTM surface treatment technology, and said it had made good initial progress with its project with
Shares in Oxford were trading down 16.2% at
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