Around the State – Central JerseyNEW BRUNSWICK Arbinet-thexchange is trying to keep its shareholders happy. The company, which trades on the NASDAQ under the symbol ARBX, is considering everything from revising its business plan to a sellout to raise the value of its stock. ArbinetÂs main business is running electronic marketplaces for communications companies to make transactions.
The task of deciding the fate of the company has fallen to its board of directors, which has hired four independent directors as consultants. Members of the independent committee, which has retained Jefferies & Co. as financial advisers and Goodwin Procter as legal counsel, will split $110,000 for their efforts.
For the six months ending June 30, 2006, the company reported net income of $645,993 on trading revenues of $233 million, compared with net income of $3.6 million on revenue of $245 million for the prior-year period. Arbinet shares were trading at around $5.50 last week, with a 52-week range of $4.08 to $8.74.