ZDNet UK


Skip to Main Content

ZDNet.co.uk - Winner of Best Business Website 2007
  1. Home
  2. News
  3. Blogs
  4. Reviews
  5. Prices
  6. Resources
  7. Community
  8. My ZDNet

 

ZDNet UK RSS Feeds


IT Jobs

Mobile devices Toolkit

Investor hands Palm $50m

Ian Fried, CNET CNet

Published: 07 Dec 2001 17:10 GMT

  • Email
  • Trackback
  • Clip Link
  • Print friendly
  • Post Comment

Palm said on Friday that an unnamed investor has provided $50m in financing to help fund Palm's wireless and corporate sales efforts.

The investment is convertible into Palm shares at a price of $4.63 per share, which the company said is 130 percent of the average price of Palm shares in the five days prior to the closing of the deal. Palm may force a conversion of the bond at any time after a year, provided its shares have traded above $7.13 for some period of time. The note has a five-year term and a 5 percent interest rate.

"This capital commitment demonstrates a high level of external confidence in Palm," Palm chairman Eric Benhamou said in a statement on Friday. Benhamou is also the company's interim chief executive, having replaced Carl Yankowski last month.

Palm has said it plans to hire additional workers in the corporate sales area, even as it is scaling back in other areas. The company said last week that it was cutting 250 jobs, but actually laid off more than that number to offset the hiring in other areas.

The company is also in the process of creating a separate subsidiary for its operating system business. Last month, Benhamou told CNET News.com that the company would look to start the process of creating two separate publicly traded companies early next year.

"We're moving ahead on our strategic objectives -- returning to profitability, executing on our enterprise strategy and delivering an ARM-based set of solutions to the marketplace," Benhamou said in the statement.

In early trading on Friday, Palm shares were at $3.66, essentially unchanged from Thursday's closing price.

See techTrader for the latest financial news in the high-tech sector.

Have your say instantly, and see what others have said. Click on the TalkBack button and go to the techTrader forum

Let the editors know what you think in the Mailroom. And read other letters.

  • Email
  • Trackback
  • Clip Link
  • Print friendly Print with Dell

Did you find this article useful?
53 out of 101 people found this useful


Full Talkback thread

0 comments

Company/Topic Alerts

Create a new alert from the list below:









Related Jobs

Assistant Head of IT (Operations)

Closing date: 1 August 2008. A powerful catalyst for continuous improvement, you will possess the confidence to take clear and considered decisions, ...

PRINCIPAL DESKTOP SUPPORT OFFICER

APPLY button now Closing date for receipt of applications is Friday 25 July 2008. Reporting to the IT Manager you will be responsible for the Service ...

Procurement Consultant / Senior Consultant

This may be waived for very experienced candidates) Self confidence and an ability to build relationships with clients at senior level A structured ...

Featured Talkback

Put simply, what is the compelling reason to pay ~$200 extra for an Eee with Windows XP? A Windows Eee won't come with any useful applications and you'll have to buy anti-virus software to boot. The truth about low cost computing is that nobody really cares whether the machine is running Windows or Linux as long as its cheap, its easy to use and it works.

By: dogStar

Read full story:
Asus to ship 60 percent of Eee PCs with Windows XP

On The Road Blog

Mobile Security Expert: Your Camera Ph...

Mobile Security Expert: Your Camera Phone Got Hacked Author: Eric Everson, Founder MyMobiSafe.com Have you ever heard someone say “I’d like to be a fly on the wall in that room.”?... More

Post a comment

Eee 1000 + iPhone 3G = the ultimate mo...

Having left the comforting bosom of ZDNet.co.uk to strike out on my own as a freelance journalist recently, I found myself contemplating a shocking truth – I was going to have to shell... More

Post a comment

Think Your Skype Call is Secure? Read...

There is growing, and credible, speculation that Skype has built in a back door to allow monitoring of SKype calls. Heise Online has a good article about it. So, what we have now... More

Post a comment

Discussions

harpless harpless

SAP goes big business

Friday 25 July 2008, 6:17 PM

1 comment
pjc158 pjc158

Will Drizzle rain on Sun's MySql

Friday 25 July 2008, 5:30 PM

1 comment
pjc158 pjc158

Show me the money!

Friday 25 July 2008, 5:18 PM

5 comments