AUTONOMY CORPORATION PLC TO VOLUNTARILY TERMINATE AMERICAN DEPOSITARY RECEIPT PROGRAM
CAMBRIDGE, England - 31 December 2004 - Autonomy Corporation plc (LSE: AU.), a global leader in infrastructure software for the extended enterprise, today announces that it is to voluntarily terminate its American Depositary Receipt facility, expected to be effective as of 2 February 2005 (the "Effective Date").
As the company previously noted in its press release on 18 November 2004, in reaching this decision Autonomy considered the benefits to all Autonomy shareholders of maintaining the program versus the significant costs. Along with many other European businesses Autonomy feels that existing and forthcoming obligations for companies with an ADR program are increasingly complex and costly. Autonomy anticipates that the additional costs of maintaining the program and registration may be in excess of £1.1 million per annum. Since Autonomy's ADR program accounts for a very small percentage of the overall volume of Autonomy's traded shares, Autonomy estimates the costs to be up to $1,000 per ADR holder, a cost that is borne by all Autonomy shareholders. Autonomy believes this cost significantly outweighs the benefits of the ADR program.
Autonomy intends to continue reporting its financial results under U.S. GAAP accounting standards.
Autonomy today has given notice to The Bank of New York, the depositary for Autonomy's ADR facility (the "Depositary"), that Autonomy has elected to terminate its ADR facility effective as of the Effective Date. The Depositary has also agreed with Autonomy to amend the deposit agreement (the "Deposit Agreement") among Autonomy, the Depositary and holders of ADRs, to shorten the period from twelve months to 30 days after the termination date for ADR holders to exchange their Autonomy ADRs for underlying ordinary shares or, failing which, to receive cash on their disposal by the Depositary.
Under the amended Deposit Agreement, holders of Autonomy ADRs will be entitled to return their ADRs at any time up to and including the date that is 30 days following the Effective Date, which is expected to be 4 March 2005. ADRs submitted during that period will be exchanged for the number of Autonomy's underlying ordinary shares represented by such ADRs, subject to cancellation fees charged by the Depositary pursuant to the Deposit Agreement. ADR holders who do not submit their ADRs for exchange by the 4 March 2005, deadline will hold non-transferable securities. For Autonomy ADRs not submitted for exchange by 4 March 2005, the Depositary will as soon as practicable sell the underlying Autonomy ordinary shares at the price that the Depositary can obtain on the London Stock Exchange. The Depositary would then remit the cash proceeds from the sale net of any applicable charges, expenses, taxes or governmental charges to such ADR holders. Finally, in due course Autonomy expects to seek to terminate its reporting obligations under the US Securities Exchange Act of 1934.
About Autonomy
Autonomy Corporation plc (LSE: AU.) is a global leader in infrastructure software for the enterprise. Autonomy's technology powers applications dependent upon unstructured information including call center, customer relationship management, knowledge management, enterprise portals, enterprise resource planning, online publishing and security applications. Autonomy's customer base includes more than 1,000 global companies including BAE Systems, Ford, Ericsson, Royal Sun Alliance, Sun Microsystems and public sector agencies including the U.S. Department of Defense, NASA and the U.S. Department of Energy. Strategic reseller and OEM partners include leading companies such as ATG, BEA, Business Objects, Citrix, Computer Associates, EDS, IBM Global Services, Novell, Novient, Veritas, Vignette, Supportsoft and Sybase. The company has offices worldwide.
The Autonomy Group includes: Aungate, a leading supplier of electronic communications management technology for regulatory compliance in the enterprise; Audentify, a leading supplier of next-generation contact center technology; and Virage, a leading provider of rich media communication and content management software.
Caution Concerning Forward-Looking Statements
With the exception of historical information, the matters set forth in this news release are forward-looking statements that involve risks and uncertainties. A number of important factors could cause actual results or developments to differ materially from those in the forward-looking statements. These factors include, among others, the uncertainty that the termination of Autonomy's ADR program will allow the company to terminate its registration and ongoing reporting requirements under the U.S. securities laws, as well as technology risks, including dependence on core technology; fluctuations in quarterly results; dependence on new product development; rapid technological and market change; reliance on sales by others; management of growth; dependence on key personnel; rapid expansion; growth of the Internet; financial risk management; and future growth subject to risks. These factors and other factors which could cause actual results to differ materially are also discussed in the company's filings with the United States Securities and Exchange Commission, including Autonomy's latest Annual Report on Form 20-F.
Financial Media Contacts:
Analyst and Investor Contacts:
Edward Bridges
Financial Dynamics
+44 (0)20 7831 3113
Summary: ...has dominant positions in Croatia over oil and gas exploration and production, oil refining, and the distribution of gas and petroleum products. INA also holds an interest in JANAF d.d. the company which owns and operates the Adria pipeline system. The headquarters of the group are located in Zagreb,...
Summary: ...Christensen, Glaser, Fink, Jacobs, Weil & Shapiro Case Study. WorkSite plays a key role in helping these attorneys, and others working from home and at client sites, access the same tools and content as their colleagues at headquarters. “Remote access with WorkSite is a huge improvement over what we...
Summary: ...clients successfully generate added value by helping them manage their tax obligations responsibly and proactively. Its customers range from multinational corporations, large businesses, small and medium-sized enterprises to governmental organizations and not for profit. With a wide client portfolio,...
Summary: ...and Accuracy to External Audit Management External audits can be an arduous experience for any organization. CPG uses WorkSite to streamline and simplify the process. “WorkSite allows us to hold everyone involved accountable for what’s been requested, what’s been provided, and when events have happened,...
Summary: ...Application” to request electrical work permits. This form is currently published in a PDF format on the Intranet Server where it is made available to walk-in customers on four different CITRIX terminals. The City of Boston constituents fill in the forms and submit them to the Inspectional Services...
Summary: ...of lost data. Solution Connected Backup Glassolutions Protects Vulnerable Remote Data with Autonomy Organization Background Glassolutions Saint-Gobain Ltd (formerly known as Solaglas Ltd), part of the international construction materials group Saint-Gobain, is one of the largest processors, distributors,...
Summary: ...Arkema - Case Study. PROMOTE POWER PROTECT Arkema Accelerates Time-to-Web through Business User Content Creation and Real-Time Delivery with Autonomy Although Arkema is a global leader in chemical production—with operations in 40 countries, including 35 factories in France—the company’s brand is...
Summary: ...fully automated fashion. Case Study “We have been able to eliminate the need for disk expansion for the data servers, which amounts to a £100,000 savings. But actual savings are greater because of the support savings on restoration of corrupt PST files and the improved, standardized email environment.”...
Summary: ...be established within a short period of time to meet internal governance and governmental requirements, including TARP requirements and a FDIC requirement to collect and store the electronic content for 7 years. The Client’s Need Under tremendous internal and governmental pressure, this customer moved...
Summary: ...TAS), provide independence to thousands every year. The Challenge Durable medical equipment manufacturer Bruno receives approximately 300 work orders per day for custom products. Initially, Bruno managed this work order process by manually routing orders throughout the organization, causing delays and...
Summary: ...TAS), provide independence to thousands every year. The Challenge Durable medical equipment manufacturer Bruno receives approximately 300 work orders per day for custom products. Initially, Bruno managed this work order process by manually routing orders throughout the organization, causing delays and...
Summary: ...leader, IT Consulting and IT Management Consulting. “As a result, we realized that we needed a powerful search and content organization capability to help our consultants find information quickly and accurately. This would enhance their productivity, a key factor in the continued success of our organization.”...
This is a small selection of the Autonomy case studies available, please visit our publications site at http://publications.autonomy.com/ for more information.
Summary: ...and how people use that information enables realtime action and improved decision-making. When applied across the enterprise, Cardiff Intelligent Document solutions give organizations the ability to anticipate, react and execute faster and better than their competition. About Cardiff Cardiff (www.cardiff.com)...
Summary: ...last week a truck was towed because it was parked in the airport’s short-term parking for too long. A couple of months ago, someone was discovered in a prohibited area of the terminal and yesterday, a woman was caught going through security with a concealed weapon. These seemingly unrelated security...
Summary: ...out of the box connectivity to DTCC Deriv/SERV, ICE eConfirm, SWIFT, EFETNet eliminating operational risk and maintenance costs of custom integrations. Autonomy Systems Ltd. Capital Markets Compliance In challenging times, the only certain factor is the desire for greater control and visibility of information...
Summary: ...time scheduling as a standard facility to offer vehicle access control for commercial and industry entry/exit scenarios. Integration with the DVR system provides a complete solution to any license plate recognition requirement. Electronic point-of-sale monitoring Cash transactions are common in most government...
Summary: ...Aungate Legal Hold Notification Management. Once potential custodians have been identified, a series of notification workflows must initiated in order to conduct interviews and send legal hold notices, monitor receipt and acknowledgement of the notices, and track the preservation and collection process....
Summary: ...Management Module Automating Notification Workflows and Interviews The notification and interview processes are critical elements of the legal hold process. Custodians must be notified of the hold and the legal team must be able to monitor receipt and acknowledgement, remind custodians of the preservation...
Summary: ...Autonomy Legal Hold Product Brief. Custodians must be notified of the hold and the legal team must be able to monitor receipt and acknowledgement, remind custodians of the preservation obligation, and perform interviews. ALH simplifies the notification management, tracking and reminder process with configurable,...
Summary: ...legal hold process. Custodians must be notified of the hold and the legal team must be able to monitor receipt and acknowledgement, remind custodians of the preservation obligation, and perform interviews. ALH simplifies the notification management, tracking and reminder process with configurable, best-practices...
Summary: ...and visibility of information that resides in an array of internal and external systems that form the core of the global capital markets. Users in audit, finance, legal, compliance and regulatory bodies all require greater visibility to the same set of information, but often to address differing obligations....
Summary: ...it’s maximizing the value of the information, and efficiency in how its used. For legal, information management considerations include regulatory and compliance obligations, e-discovery needs, and risk mitigation. The IT departments must factor storage, disposal and access, availability, and security....
Summary: ...Autonomy IDOL Server 7. To be FRCP-compliant, pan-enterprise search platforms: • Need to search ALL repositories • Cannot perform “jump-out” – a sleight of hand used by some vendors to feign performance, in which the search engine stops looking across an index as soon as it is believed a large...
Summary: ...proactive security and logistical operations, but manual solutions are complex, costly and ineffective. CSM is a highly sophisticated tool for monitoring the ever-increasing volumes of cargo that flow through transport hubs such as seaports, inland container terminals and rail counter terminals. While...
This is a small selection of the Autonomy Product Briefs available, please visit our publications site at http://publications.autonomy.com/ for more information.
Summary: ...providing essential information required for the identification, preservation and collection of relevant ESI. Step 3: Legal Hold Notices Once custodians and data sources have been identified, hold notices must be sent out and preservation must begin. ALH reduces risk of spoliation by eliminating the time...
Summary: ...including potentially risky ones—are destroyed on schedule, never to cause trouble. Conversely, an ECM system can also ensure the retention of documents that must be retained. Leaving documents in employees’ hands puts companies at risk of violating litigation hold notices or its own records retention...
Summary: ...records. Assuming the client file is the property of the client, this rule imposes an obligation not to destroy any file materials without the express prior consent from the client. • ABA Model Rule 1.16(d) provides that upon termination of a representation, “a lawyer shall take steps * * * to protect...
Summary: ...False-positives are items incorrectly flagged as suspicious, reducing valuable time available to investigate truly suspicious activities. Lexicon- and keyword-based monitoring methods are inherently flawed in that they only catch a percentage of the actual incriminating communications that have taken...
Summary: ...payment card information of some Alaska Airlines and Horizon Air customers. An employee working in our Phoenix, Arizona reservation center… diverted payments to personal accounts. The employee has since been terminated and we are working with law enforcement to prosecute this individual.” • Governmental...
Summary: ...heavily on leveraged instruments backed by assets thousands of miles away.43 As the crisis claims victims across the globe, political leaders and investors are quick to point to lax compliance requirements (or enforcement) in other countries as a major cause. These factors, coupled with consolidation...
Summary: ...remain a source of debate for some time.13 10 Standing Committee Report at 32. 11 Id. 12 Id. at 32-33. 13 Many will argue that the common law “reasonableness” standard for determining whether a party’s litigation hold obligations have been properly discharged remains unchanged by the rule. In other...
Summary: ...Autonomy White Paper: BIG DATA? No Big Problem.. BIG DATA? TWO DECADES AGO, engineers at Bell Laboratories received what would today be labeled a big data assignment. Executives at their parent company, AT&T, knew that a small percentage of customers cancelled service every month. They wanted to understand...
Summary: ...exposes businesses to potential legal and business ramifications. The consequences could affect the company, executive management, and board members directly, while investors and stock holders suffer from a damaged brand. Regulatory bodies can request that companies reproduce what a certain visitor saw...
Summary: ...case, the National Labor Relations Board brought a suit against American Medical Response of Connecticut after they terminated one of their employees. The termination occurred after the employer discovered that the employee had criticized her supervisor on Facebook. In the NLRB’s unfair employment practice...
Summary: ...a financially strong, cash generative company. Autonomy’s business model is extremely efficient and geared toward delivering maximum value to customers and shareholders alike.
...
Summary: ...Autonomy Policy Based Information Governance. In the area of eDiscovery, prematurely destroying documents can result in a ruling of spoliation. The inconsistent application of retention policies may cause a business to hold expired information, racking up extra review costs from searching outdated, irrelevant...
This is a small selection of the Autonomy White Papers available, please visit our publications site at http://publications.autonomy.com/ for more information.
Related Case Studies
Find us on Facebook
Follow us on Twitter
See us on YouTube
Find us on LinkedIn
