Shareholders Demand Resignation Of SCi Chief Executive
The drama at Eidos parent SCi is pick upwardly steam, as shareholders are demanding the surrender of CEO Jane Cavanagh following last week's announcement that negotiation regarding a takeover of the company had fallen through.
A study by the Multiplication Online says that SCi will need to borrow nearly $60 million just to maintain operations until the end of the year, with one analyst saying, "It seems likely the company will run out of cash away May or June. Since it is now delaying the release of its new games, it will need this extra cash just to keep the lights on." Along with the failure of takeover talks, the company likewise declared the delay of Tomb Despoiler: Underworld and three other titles into the fourth quarter of 2008, which drove its share price refine to to a lesser degree half its previous day prise.
Prior to that unshared-day crash, the company's share value had been steadily declining, shedding 65 percent of its value between July and December 2007, and sources are now claiming that contempt reports of interest from Ubisoft and Time Warner, SCi never received a single firm offer. The company's stock, at one point valued at over $10, is now trading at roughly $1.30 per share.
Along with Cavanagh, whose office has been described as "untenable" by one John Major investor, shareholders are also demanding the surrender of her husband, Commercial Director Bill Ennis, and Tim Ryan, the troupe chair. Sources in the company read that Conductor of Finance Phil Rogers, who joined with SCi in February 2007, has been pegged as temporary CEO until a permanent replacement can be found.
https://www.escapistmagazine.com/shareholders-demand-resignation-of-sci-chief-executive/
Source: https://www.escapistmagazine.com/shareholders-demand-resignation-of-sci-chief-executive/