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Access Intelligence
- BY: Andrew Hore |
- POSTED: 24/09/2008 |
- COMMENTS: Add yours
Former Sage director Michael Jackson is becoming executive chairman at Access Intelligence.
Access has already stated that it wants to focus on its software activities. Jackson is also chairman of venture capital firm Elderstreet. He will be joined on the Access board by his Elderstreet colleague David Lowe, as a non-executive director.
Jackson, Lowe and Elderstreet will subscribe for 46m new shares at 2.75p each. That is above the current market price, which rose 0.625p to 2.25p. The stake will be equivalent to 29.5% of the enlarged share capital. They also have options over a further 23.3m shares. These proposals will need to be passed by shareholders at an EGM.
The £1.26m of new cash plus the existing cash of £557,000 will provide Access with £1.82m to invest in software acquisitions. It could be supplemented by a further £1.1m or so – based on their balance sheet value - from the disposal of non-core operations.
Access warns that it won’t achieve profit expectations of £250,000 for this financial year. Annual cost savings of £400,000 have recently been made for aone-off cost of £135,000.
Supply chain software supplier Due North has won three new contracts but the other parts of the business are performing below expectations. That includes the other core business, MS2M, which supplies compliance software to the financial sector.
The poor performance of the non-core operations could affect their value.
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