Bglobal is selling its remaining software business to its management, backed by NorthEdge Capital, for £16.1m and returning cash to shareholders.
The share price jumped by three-fifths to 10.38p and that values Bglobal at £11.1m. A distribution of up to 11p a share is planned and that should leave £5.1m to cover working capital and warranties relating to the recent disposals. Any remaining cash will be distributed later.
Utiligroup is a profitable business but it required further investment. The business was acquired for £10.8m in June 2010 and part of the business was sold for £2.2m less than three years later.
In April, Bglobal sold its electricity metering business to gas metering services provider Energy Assets Group for £2.3m and decided to close two other businesses.
Bglobal plans to cancel its Aim quotation.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2014_56.pdf
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.