Psion board approves sale of Symbian to Nokia

After a couple of weeks of debates the board approved the £135 million sale.

On 4th March, Psion’s largest shareholder, Phoenix Asset Management Partners Ltd. announced its intention to vote its holding of approximately 13.5 per cent against the proposed disposal. Since then this obstacle was removed and in the latest EGM the board decided to go ahead with the sale.

David Potter, Chairman of Psion, said: 'Since Symbian was formed, Psion have invested cash of £29 million, while the estimated proceeds of the sale are around £135 million. This transaction will deliver very substantial value for shareholders. I am proud of what Symbian has achieved and I am proud of our endeavour and stewardship of the Psion role in building Symbian. Once the market understands the operating businesses of Psion Teklogix, we believe that the value will come to be recognised and a proper value will be accorded to the Company.'

Alistair Crawford, Chief Executive of Psion, said: 'We are pleased that the sale of our Symbian stake has gained shareholder approval. The task now is to grow the Psion Teklogix business. As we have said before, however, the Board intends to be prudent in its use of the disposal proceeds and will consider carefully the return of any surplus funds to shareholders should that prove an appropriate course of action in time.'