TS News - Pace Chief Quits, Share Fall
TELE-satellit News, 27 February 1997
Pace Chief Quits, Share Fall
LONDON, England, 97/02/27 (SatND) -- Digital TV has its uncertainties.
Nobody should know better than Britain's leading manufacturer of satellite
receivers and decoders, Pace Micro Technology, which was nearly halved in
value within less than a month. The problems started just three weeks ago
when Pace issued a warning that profits for the full year would not be
ahead of expectations as previously thought. As a matter of fact, Pace
already offers digital set-top boxes, but digital TV had a slow start in
Today, Pace's joint chief executive and co-founder Barry Rubery resigned
because of "irreconcilable differences of management style". Within those
three weeks, Pace's shares dropped by 40 percent, letting some hundreds of
million pounds of its former value vanish without trace. The company said
it remained "confident" about the prospects for digital TV. It intends to
introduce its much advertised "common platform" digital receiver which
combines both digital terrestrial and digital satellite or cable reception
technology at the Cable & Satellite exhibition in April.
By: Peter Klanowski
(c)TELE-satellit 1997. All rights reserved.
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