We don’t usually write about AIM-listed CRM software player, Rubicon, as you’d need a magnifying glass to find them. But I mention them as yet another example of a company that would surely be better off (and certainly more profitable) were it back in private hands. They’ve just announced H1 results which show revenues down 24% to £258k and pre-tax losses of £180k.
Rubicon listed on AIM in Sept. ’06 at 10p a share, capitalising the firm at some £3.8m. Today their shares are worth about 1.3p. With a current market cap of under £700k, as best as we can tell they are the smallest UK-HQ’d software and IT services stock on the London market. Yet it costs upwards of £200k p.a. to maintain an AIM listing. It seems most of Rubicon’s shares are in management’s and other individuals’ hands so one would imagine a vote would be a formality. Am I missing something here?