NetVision Reports Bigger Q2 Loss Due to Dual Listing Plans.
NetVision said it had budgeted for a small loss during the quarter, but the final result had been worse than expected due to exceptional stock warrant expense. This, it explained, was caused by the fact that the NetVision management wished to comply fully with the US GAAP (FASB 123) and SEC regulations in order to be prepared for a possible double listing on the Nasdaq in the future.
The Louvain-based company said the inclusion of the stock warrant expenses in the second quarter was carried out on the advice of KPMG's US market desk and resulted in an additional on-paper loss of 307,000 euros ($326,000).
NetVision's stock made a controversial debut on Easdaq in February this year (CI No 3,596) when the sharp increase in its price on the first day of trading provoked an investigation by the exchange authority into the administration of the initial public offering. Easdaq concluded that a number of firms, both members and non-members, "would appear not to have offered best execution to their clients." It informed the Belgian government's banking and finance committee of the need to strengthen internal procedures of financial intermediaries in general, as well as instituting disciplinary proceedings against Easdaq member firms it feels contributed to market volatility by violating rules. NetVision itself escaped criticism.
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|Date:||May 21, 1999|
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