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  • BY: Andrew Hore |
  • POSTED: 02/06/2014 |

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.

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