The City appeared unperplexed by Tuesday’s announcement that Cray Electronics Plc would change its name to Anite Group Plc on October 1 (CI No 2,991). Shares crept up half a point to 36 pence. The group may have had what it described as a disappointing and totally unsatisfactory year (CI No 2,948), but chairman and chief executive of Cray Systems division Mike Shone claimed this was unrelated to the group’s imminent change of image. According to Shone, the confusion that arises between Cray Electronics and Silicon Graphics’ Cray Research Inc has been escalating for some time. Both sides have taken legal advice, but the general consensus was that Cray Research would probably win the rights to the name in the US, Cray Electronics would win in Europe, and both would get about 50% of the remainder of the world. As the smaller of the two companies, Shone said it had little choice but to concede. A provision of 400,000 pounds was made in last year’s accounts to bare the brunt of the cost, and Cray Research contributed 100,000 pounds this year – a paltry sum when you consider it will cost about 400,000 pounds to change the name, but Shone said it was impossible to get anything more. About 30,000 new signs are ready and waiting to go up on October 1, assuming shareholders give their approval. Now Anite will get on with the task of making money. Shone’s vision of the year 2010 is for Anite Systems, formerly Cray Systems, to be one of the top three suppliers in six or seven markets – telecommunications, space and environment, travel reservations, manufacturing and distribution and publishing, with finance and transport as possibles. And if Anite managed to succeed in just four or five of those, Shone said he’d die a happy man.
