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Andor Technology
- BY: Andrew Hore |
- POSTED: 24/07/2008 |
Andor Technology confirms that its management has made a potential bid of 73p a share.
The high performance digital camera developer says the offer is in cash and the two independent directors will be advised by Landsbanki. The indicative bid values Andor at £19.5m. The statement says that Andor “is at an advanced stage of discussions” with the management.
Andor shares rose 11.5p to 67.5p.
Andor joined Aim on 3 December 2004, when it raised £4.5m at 90p a share. The company has made progress since then and there are potential new security contracts that could start to contribute over the next couple of years.
Sales have not grown as fast as had been hoped but Andor should benefit from past investment over the coming years. It doesn’t look an ideal time for investors to be selling out
The directors own more than 13% of the company, while the former chief executive Dr Hugh Cormican owns another 9%. The biggest shareholder is Gartmore with 13.3%.
Pre-tax profits increased from £657,000 to £803,000 on turnover 10% higher at £11.5m in the six months to March 2008. Net cash was £821,000 at the end of March. At the time, house broker Landsbanki maintained its full year profits forecast of £1.4m.
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