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EDITIONS
 Monday, 13 January, 2003, 20:27 GMT
Shares suspended in Beckham game firm
Rage Software's Beckham game
Rage has money problems despite the Beckham game
Shares in the computer games firm Rage Software have been suspended after falling 67%.

The company regrets to announce that following a review by its bankers, the group's banking facilities have been discontinued

Rage statement
The share price collapsed when the software group announced that its banking facilities had been withdrawn.

The company markets a football computer game based on Manchester United and England star David Beckham, and had expected the product to result in bumper Christmas sales.

But, shortly before the London stock market closed on Monday, Rage issued a short statement that alarmed investors.

It said: "The company regrets to announce that following a review by its bankers, the group's banking facilities have been discontinued."

Within seven minutes the share price had fallen 0.65 pence to 0.32 pence and the firm asked the stock exchange to suspend trading in its shares.

Cutting the losses

The Beckham game had generated revenues of 4.2m over the year to the end of June, helping Rage's turnover jump to 12.2m compared with 5.7m the previous year.

Pre-tax losses were cut from 17.1m in 2001 to 16.1m.

When it reported the figures, in October, Rage said it was looking forward to a boost in trading over the coming Christmas through sales of the Beckham game and a new game based on the Rocky films.

The firm had also signed up former SAS soldier turned writer Andy McNab to develop a military action game.

At the time Rage said it was "in a better position than ever to return to profitability in the short term".

See also:

09 Jan 03 | Technology
20 Nov 02 | Business
21 Oct 02 | Business
28 Mar 01 | Entertainment
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