Holdings in Company

Wednesday, 03 December 2008

The Company announces that it has received notification that Samurai Investments Ltd. ("Samurai"), a substantial shareholder in the Company, has transferred its interest in the Company to its respective shareholders. As a result of this transfer, the following entities currently have a notifiable interest in the Company. Samurai no longer has a notifiable interest in the Company.

  Ordinary Shares held % of issued share capital
Green Venture Capital Ltd. 3,067,848 8.2%
Moldavski High-tech Ltd 1,750,297 4.7%
S.S.D.E Technologies (1999) Ltd. 1,166,895 3.1%

Total Voting Rights Update

Wednesday, 03 December 2008

In conformity with the Transparency Directive, we would like to notify the market of the following:

The Company's issued capital consists of 37,798,194 ordinary shares of ILS 0.01 each ("Ordinary Shares"), all with voting rights. No shares were held in treasury at the date of this announcement. The total number of current voting rights in the Company is therefore 37,798,194.

The above figure (37,798,194 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Issue of New Ordinary Shares

Wednesday, 26 November 2008

Application has been made today for 374,240 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange.

The new Ordinary Shares are being issued to the Company's bank as part of the loan agreement terms with respect to a one million Dollar loan.

The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 3 December 2008.

Following admission, the Company will have 37,804,194 Ordinary Shares in issue. 

View announcement on London Stock Exchange Website

Director Remuneration Notice

Friday, 07 November 2008

Mr. Eitan Cohen was appointed a non-executive director of SimiGon Ltd ("the Company") by the Board of Directors of the Company on June 3, 2008. Mr. Cohen will hold office until the next annual general meeting ("AGM") of shareholders of the Company.

On October 30, 2008 the Audit Committee and Board of Directors of the Company set Mr. Cohen's remuneration at $1,600 per month in 2008 and $2,200 per month in 2009. In accordance with Israeli Company Law, the approval of this remuneration was not brought for shareholder approval since it is lower than the compensation paid to the previous non-executive director for similar services and a similar level of experience and expertise and it is less than the maximum compensation the Company is permitted to pay to its external (independent) directors under Israeli law.

This announcement is being made to bring Mr. Cohen's remuneration to shareholders' attention. Should more than 1% of shareholders object in writing to Mr. Cohen's remuneration within the next fourteen calendar days, the Company will introduce the matter for shareholder approval at the AGM.

Total Voting Rights Update

Tuesday, 30 September 2008

In conformity with the Transparency Directive, we would like to notify the market of the following:

The Company's issued capital consists of 37,423,954 ordinary shares of ILS 0.01 each ("Ordinary Shares"), all with voting rights. No shares were held in treasury at the date of this announcement. The total number of current voting rights in the Company is therefore 37,423,954.

The above figure (37,423,954 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FSA's Disclosure and Transparency Rules.

SimiGon June 2008 Interim Results

Thursday, 14 August 2008

SimiGon Ltd (the Company together with its subsidiary "SimiGon" or the "Group"), a global leader in providing simulation solutions, announces its interim results for the six months to June 2008.

Financial Highlights

Operational Highlights

Ami Vizer, President & Chief Executive Officer of SimiGon stated: "We expect to benefit from large, long term contracts that will have a significant, positive impact on our revenues. SimiGon remains well positioned for sustained growth, having established itself as a leading supplier of PC-based simulation training technology for the world's largest pilot simulation training programmes. SimiGon is also making significant progress using its technology infrastructure to deliver simulation training for civilian companies. 

Looking forward to the second half of 2008 and particularly to 2009, the Company expects to increase revenues as a result of winning several major defence contracts. These programs, when coupled with our expansion into the wider commercial training market will provide additional long term, diversified revenues and provide a stronger platform for future growth."

SimiGon Ltd
Ami Vizer, Chief Executive Officer      +972 9 956 1777
Haim Yatim, Chief Financial Officer
Evolution Securities Ltd
Jeremy Ellis                                          +44 (0)20 7071 4300

Overview

As a preferred supplier of training and simulation technologies for the world's largest military flight training programmes, SimiGon has established a leading position in the market of PC-based training and simulation solutions. The Company's reconfigurable SIMbox technology platform can be used for all types of training, across all domains. The Company expects to leverage its core product SIMbox to increase market share in its existing markets and create solid foundations in new markets.

Lockheed Martin has selected the SIMbox Learning Management System for the F-35 Lightning II Joint Strike Fighter (JSF) training program. Added to this success, the Company is now confirmed as the partner of choice to provide simulation training within Lockheed Martin's winning bids for the UK's Military Flying Training System and Singapore's Basic Wings Course. These contracts will help fuel SimiGon's development and provide further affirmation of the viability of SimiGon's training solutions. Using SIMbox's technology extends the long-term productive relationship enjoyed between Lockheed Martin and SimiGon.

Even though revenues from some customer contracts have been delayed, the Company's market position remains strong, supported by confirmation that it is a leading training and simulation supplier in the world's top pilot training programmes.

SimiGon is continuously examining and evaluating the potential to penetrate other commercial markets, to provide learning and training simulations using its advanced technological infrastructure. The company is currently examining learning and training simulations for dentists, hazardous materials training and driver awareness organizations.

Financial Performance

Revenue for the six months ended 30 June 2008 was $1.81 million (H1 2007: $1.53 million), an increase of 18.3%. Gross profit for the six months ended 30 June 2008 was $1.43 million (H1 2007: $0.98 million).

Total operating expenses for the six months ended 30 June 2008 increased by 12.93% to $3.41 million (H1 2007: $3.02 million). This increase is primarily due to the negative impact of the currency exchange rate of the strong Israeli Shekel, research and development expenses increasing to $1.49 million (H1 2007: $1.34 million), marketing expenses increasing to $1 million (H1 2007: $0.87 million) and general and administration expenses to $0.91 million (H1 2007: $0.81 million). 

Despite these cost increases, the operating loss for the six months ended 30 June 2008 has decreased to $1.98 million (H1 2007: $2.04 million loss). The net loss for the period has however increased from $1.87 million in H1 2007 to $1.96 million in H1 2008. This resulted in a net basic and diluted loss per share of $0.05 (H1 2007: $0.05 basic and diluted earnings per share). 

As of 30 June 2008, SimiGon had cash and cash equivalents and deposits in the amount of $3.1 million. 

As of 30 June 2008, the Company had 52 employees, compared to 64 employees at 30 June 2007.

Outlook

The Company's outlook is positive due to the large contracts that are expected to begin impacting revenues, starting in the second half of 2008 and especially in 2009. The Company is well prepared to compete for future contracts to be awarded in the military pilot training world. The Company is endeavoring to insulate itself from cyclical government spending by increasing its focus on the considerable opportunities within the commercial and industrial training markets, which are expected to begin impacting revenues in the second half of 2008 and beyond.

The Board is confident in the Company's outlook as it is well positioned for long term growth, following its success in providing PC-based training and simulation systems in various large scale military pilot training programmes.

View complete announcement on London Stock Exchange Website

SimiGon Board and Audit Committee Appointment

Friday, 11 July 2008

SimiGon Limited ('SimiGon' or the 'Company') (AIM: SIM) is pleased to announce the appointment of Eitan Cohen, aged 41 as a Director and audit committee with immediate effect.

Eitan Cohen is a Co-Founder and Chief Executive Officer of ASIC Depot OOD an EDA and Semiconductor design centre. Eitan previously held positions as CEO and Country manager for Semiconductor and EDA companies, in which he led to the award of multi-million dollar deals with tier-one companies and managed business development activities with potential partners worldwide. 

Ami Vizer, Chief Executive Officer, said: "I am delighted to welcome Mr. Cohen to the Board of SimiGon.  He joins the Company at an exciting time in its development and his experience in global marketing in the international software market will hold us in good stead for the future."

Names of all companies and partnerships of which Eitan Cohen has been a director or partner at any time in the previous 5 years, indicating which are current, in accordance with Schedule 2 of the AIM Rules for Companies:
Green Power Technologies Ltd, CEO (Current)
E Power Design Ltd, CEO (Current)
ASIC Depot OOD, CEO (Current)

There are no further disclosures required under Schedule 2 of the AIM Rules for Companies

View complete announcement on London Stock Exchange Website

SimiGon Limited Directorate Change & Result of AGM

Wednesday, 03 June 2008

SimiGon, a global leader in providing simulation solutions, today announces that Graham Woolfman, a non-executive director of the Company, has decided not to stand for re-election at the annual general meeting of the Company held today and has therefore retired from the board with immediate effect.  The board wishes to thank Graham for his contribution.

The Company also announces that all other resolutions at the annual general meeting were approved.

View announcement on London Stock Exchange Website

SimiGon Limited Notice of AGM

Wednesday, 30 April 2008

SimiGon, a global leader in providing simulation solutions, today announces that the annual general meeting of the Group is to be held at 1600hrs local Israeli time (1400hrs GMT) on Tuesday 3 June 2008 at 1 Sapir St., Herzlia Pituach, Israel.

Shareholders are welcome to attend the meeting in person or join via a conference call using the dial-in details below:

International dial-in number: + 1 (712) 432 1000
Access code: 5201 506 21#

The annual report & accounts of the Group for the year ended 31 December 2007 have been posted to shareholders and copies will be made available at the registered office of SimiGon, 1 Sapir St., Herzlia Pituach, Israel and the offices of Evolution Securities, our Nominated Adviser and Broker, 100 Wood Street, London EC2V 7AN. A copy of the annual report and accounts is also available on the Company's web-site.

Preliminary Results for the year ended 31 December 2007

Friday, 07 March 2008

SimiGon Ltd (the Company together with its subsidiary "SimiGon" or the "Group"), a global leader in providing simulation solutions, announces its preliminary results for the year ended 31 December 2007.

Financial Highlights

Operational Highlights

Ami Vizer, Chief Executive Officer of SimiGon stated: "While it is disappointing that reflecting the nature of the industry we operate in, our expected revenue growth has been delayed from 2007 to 2008, however operationally it has been a year of solid progress for SimiGon. We continue to be successfully in winning contracts in competitive bids. In some instances these contracts are much larger than in previous years and we remain well positioned for long term growth, having established ourselves as the main supplier of simulation training in the world's top pilot computer simulation training programmes.

Looking forward into 2008 and particularly 2009, the company expects to recoup the shortfall of revenues as these large, long-running defence contracts in the US and the UK increase in value, and we expect them to form the basis of stable and growing earnings. This gives us confidence in the long term growth prospects of the Company and our ability to deliver shareholder value."

Overview

SimiGon announces its full year results for 2007, during which period the Group consolidated its position as one of the world's leading developers and global suppliers of computer simulation software to the defence, aviation and industrial sectors through the signing of major new contracts.

As stated in the announcement of 4 January 2008, SimiGon's sales are at the lower end of market expectations due principally to the timing lag between being selected as the preferred supplier of simulation training technology and commencement of the delivery of the systems and increased expenditure in R&D. However, despite these delays, 2007 was an encouraging year for SimiGon from a strategic point of view. The Company continued to bid successfully for contracts that are in some instances much larger than in previous years.

Although there has been a delay in generating revenues from some customer contracts, the Company remains well positioned for long term growth after establishing itself as the main supplier of simulation training in the world's top pilot computer simulation training programmes.

SimiGon also completed a significant milestone in July 2007 when Lockheed Martin selected the SIMbox, Learning Management System, for the F-35 Lightning II Joint Strike Fighter (JSF) training program. Added to this success, the Company is the partner of choice to provide simulation training within Lockheed Martin's winning bids for the UK's Military Flying Training System and Singapore's Basic Wings Course. These deals will help fuel SimiGon's development and provide another affirmation of the viability of SimiGon's training solutions. Using SIMbox's technology extends the long-term productive relationship enjoyed between Lockheed Martin and SimiGon.

Towards the end of the year, the Group signed three further contracts. Firstly, in September the Portuguese Air Force selected the Company's AirBook software for its desktop training programme. Secondly, in November, SimiGon announced it had signed a $2.4m contract from an international customer. Finally, in October, SimiGon successfully delivered its Air Traffic Controller Trainer system to IAF.

Financial Performance

Revenue for the year ended 31 December 2007 was $5.01 million, compared to $7.52 million in 2006, due to certain contracts being delayed. In terms of regional breakdown, 29.2% of SimiGon's revenues came from North America (2006: 57.3%), 70.7% from Europe and the Middle East (2006: 37.8%) and 0.1% from the Far East (2006: 4.9%). Gross profit for the fiscal year was $3.96 million (2006: $6.32 million).

Total operating expenses for the year increased by 86.72% to $7.12 million (2006: $3.81 million), the research and development expenses increased to $2.77 million (2006: $1.99 million) mainly due to salary expenses. Sales and marketing expenses increased to $2.57 million (2006:$0.939 million) mainly due to salary expenses and commission for consultants. General and administration expenses increased to $1.78 million (2006: $0.887 million) mainly due to salary expenses, share-based compensation and the costs related to the company being quoted on a public market.

The operating loss therefore is $3.16 million (2006: operating income $2.51 million) and the net loss is $2.89 million in 2007 compared to net income of $2.52 million in 2006. This resulted in a net basic and diluted loss per share of $0.08 (2006: earnings per share of $0.08 and diluted earnings per share of $0.07). As at 31 December 2007, SimiGon had cash, cash equivalent and deposits in the amount of $5.02 million.

Product Development

In 2007, SimiGon incurred the highest level of annual expenditure to date on research and development as the group sought to further develop its technology lead over its competitors.

SimiGon is committed to remaining innovative and developing new features and products to maintain market relevance and increase market share. In 2007, SimiGon focused on the following areas to increase its competitiveness:

Outlook

While it is disappointing that revenues and a number of contract awards have been delayed, postponing the revenue growth expected from 2007 to 2008, it has been a year of solid progress for SimiGon. The Company remains well positioned for long term growth after establishing itself as the main supplier of simulation training in the world's top pilot computer simulation training programmes.

Looking forward into 2008 and particularly 2009, the company expects to recoup previous year's revenue shortfall as the large, long-running defence contracts in the US and the UK increase in value, and will lead to a stable base from which to increase earnings. The board believes that the Group will continue to grow and deliver shareholder value.

View complete announcement on London Stock Exchange Website

Download complete announcement as a PDF file

Issue of new Ordinary Shares

Thursday, 07 February 2008

Application has today been made for 173,288 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange.

164,628 of these new Ordinary Shares are being issued as part payment in relation to one of the Company's commercial contracts in accordance with its terms. The additional 8,660 new Ordinary Shares are being issued pursuant to an exercise of options.

The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 11 February 2008.

Following admission, the Company will have 37,423,954 Ordinary Shares in issue.

View announcement on London Stock Exchange Website

Trading Update

Friday, 04 January 2008

SimiGon Limited (“SimiGon” or “the Company”), a developer and global supplier of computer simulation software to the defence, aviation and industrial sectors, provides an update on trading since the announcement of its interim results on 31 July 2007.

In 2007, the Company was confirmed as the partner of choice to provide simulation training as an important element of major long term international programmes worldwide including Lockheed Martin’s UK’s Military Flying Training System and the F-35 Lightning II Joint Strike Fighter training programme.

However, as mentioned at the time of the interim results SimiGon faced the risks in the initial stages of these programmes of there being a timing lag between being selected as the preferred supplier of simulation training technology and commencement of the delivery of the systems. Hence, it was difficult to predict from when the Company would start recognising the revenues. The finalisation of the contract between Lockheed Martin and the respective parties is still ongoing with a view to commencement of the training programme in H1 2008 rather than as expected in H2 2007. These delays are typical of the defence industry and have not resulted from concerns with SimiGon’s products.

These delays have had a knock-on effect on SimiGon, which was expecting to deliver its systems and start recognising the revenues in H2 2007. As a result, the Company expects revenues for the full year 2007 to be approximately $5 million, falling at the lower end of market expectations.

While this short term setback has been frustrating, the timing of such major contract completions is out of the control of SimiGon and the long term view of SimiGon’s management remains positive. On the fundamental level SimiGon is doing well and winning business, as highlighted by the award of a $2.4m contract in November 2007 from an international customer.

Ami Vizer, Chief Executive Officer of SimiGon stated: “It is disappointing that several contracts have been delayed, postponing our expected revenue growth from 2007 to 2008. We continue to bid successfully for contracts that are in some instances much larger than in previous years but the length of time for these contracts to be awarded is longer.

“Although there has been a delay in generating revenues from some contracts the Company remains well positioned for long term growth after establishing itself as the main supplier of simulation training in the world’s top pilot computer simulation training programmes.

Looking forward into 2008 and particularly 2009, the company expects to recoup this shortfall as these large long-running defence contracts in the US and the UK will increase in value, and this should add stability to earnings. This gives us confidence in the long term growth prospects of the Company and our ability to deliver shareholder value.”

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