Future Reassures Investors Following Dramatic Shares Slump
A sharp fall in the market value of Future Network has led the company to issue a reassuring statement this morning. Future says that there has been no deterioration in its financial condition, the performance of its businesses or in the company’s expectation of its performance since the previous trading statement was posted on 8 June 2001 (see Future To Sell US Business 2.0 To Fortune Group).
In last month’s statement, Future announced the sale of the US edition of its Business 2.0 title to The Fortune Group, a division of AOL Time Warner. This disposal followed the closure of all European editions of the magazine, along with Future’s business in Germany (see Future Closes German Business And European Business 2.0 Editions). The sale of Business 2.0 is currently under review by the US Department of Justice.
Since the previous statement, Future’s shares have fallen from 71p to 23p – a 68% drop. By late morning stock had recovered to 7p to 30p, following the statement.
