Danka Business Systems investor DCML reports 11.3% stake

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Danka Business Systems plc investor DCML LLC purchased 1,803,566 American Depositary Shares between Nov. 21 and Dec. 16 for a total of $90,941.

Each ADS represents four ordinary shares.

DCML beneficially owns 29,269,900, or 11.3%, of the company's outstanding ordinary shares, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The investor reserves the right to further discuss and/or meet with Danka's management, board of directors, potential acquirers, financing sources and other shareholders and/or formulate plans or proposals regarding the company's securities, the filing said.

As previously reported, DCML is strongly opposed to a voluntary liquidation of Danka.

Holders of the company's convertible participating shares could take legal action and seek an involuntary winding up of the company to recover amounts to which they are entitled under Danka's articles of association, a prior news release said.

In an involuntary liquidation, it is unlikely that ordinary shareholders, including holders of ADSs, would receive any distribution, Danka said.

Since selling Danka Office Imaging Co. to Konica Minolta Corp., Danka said it has no reason to exist. Prior to the sale of Danka Office Imaging, St. Petersburg, Fla.-based Danka Business Systems provided office imaging equipment, software, support and related services and supplies in the United States.

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