REVERSUS PLC (formerly TransEda)

Yes, I noticed the same thing! Depressing reading, losses all over the place, and apparently "it was agrred at EGM that no reverse takeover can take place until after 31st March 2004.
Was anyone at the EGM? If so, can they explain?
I have copied the offending paragraph from the accounts:-
POST BALANCE SHEET EVENT
On 29 September 2003, the Company sold the whole of the issued share capital of TransEDA Technology Limited, which owned all of the operating assets of the Group, to Valiosys SA. The consideration payable, which resulted in a net cash transfer to the company of £0.9m before transaction costs of approximately £0.1m, was used to settle the intercompany balance between TransEDA Technology Limited and the Company and to make a payment for the shares of TransEDA Technology Limited. An accounting gain will arise in the consolidated accounts to the extent that the net cash proceeds exceeded the net liabilities included on the disposal. The gain will be recognised in the results of the Group for the year ending 30 June 2004.
Following the sale of TransEDA Technology Limited, the Company's balance sheet showed that the net assets of the Company were less than half of its called up share capital and its only significant asset was cash. At the Extraordinary General Meeting of the Company held on 13 November 2003, shareholders considered whether, and if so, what steps should be taken to deal with the situation. Although there was no legal requirement to take any action by way of
reconstruction of the balance sheet at this time, it was agreed that the most appropriate strategy for the Company at this time is to pursue a reverse takeover and a review of potential targets has been initiated. It was noted that a reverse takeover could not be undertaken until the warranties contained in the sale and purchase agreement had expired, the expiry date being 31 March 2004.

On another note, I still value the company at just over 1p per share!