Phil Elliott
10:25 (BST)
28/09/2007
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Infogrames head reveals recovery plans
Work to be done on distribution, management and share consolidation
The CEO of French publisher Infogrames, Patrick Leleu, has outlined plans to turn the company's fortunes around.
According to an article on French financial site Les Echos, and reported by Thomson Financial, the company will consolidate its shares from 100-to-1, while distribution will be streamlined and operational management optimised.
Additionally Leleu noted that there are "enough funds to begin a development programme," and that Atari, of which it owns 51 per cent, should be able to announce some good news soon.
The latest set of financial results that Infogrames posted revealed that revenues were up, although net debt had increased. The share price rose at the news, although it has since dropped to its lowest point of EUR 0.18.
As of August 1 this year Bluebay Holdings is the largest shareholder of Infogrames with 22.5 per cent, followed by GLG which holds 9.29 per cent and Morgan Stanley with 4.06 per cent. The remaining 64.15 per cent are public.
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