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Avisen
- BY: Andrew Hore |
- POSTED: 02/02/2009 |
- COMMENTS: Add yours
Avisen has joined Aim by reversing into cash shell Z Group.
Avisen is a business and technology consultancy that focuses on strategy and performance management. Corporate performance management is one of the buzz words. Fees are charged at a daily rate and revenues are also generated from software sales.
The all-share acquisition was valued at £4.55m because the shares were trading at 5.25p each the day before it was announced. Following the reversal, the shares opened the day at 13p each but ended it down 1.75p at 11.25p a share. That values the enlarged share capital at £12.4m.
Avisen Group made a profit of £482,000 on revenues of £4.02m in the year to March 2008 and profits of £321,000 on revenues of £1.73m in the six months to September 2008.
Avisen Group says that it expects to lower its overheads in 2009 but that does not take account of the additional costs that come with being part of a quoted company.
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