Constellation Software has increased its stake in Bond International Software to 9.6%.
Constellation declared that it had a stake of 3.48% on 10 December – the day after the recruitment software provider issued a profit warning. It appears that the initial stake was acquired from Barnard Nominees.
Some of the latest shares acquired could have come from Axa which cut its stake from 15.01% to 12.31% on 27 January 2010 - the day Constellation acquired the shares.
TSX-listed Constellation is an acquisitive software company. It bid 25p a share for membership and education software provider Gladstone at the end of 2008. It failed to gain the backing of a majority of shareholders but it retains 29.9% of Gladstone.
Bond’s trading deteriorated in the second half of 2009. Existing customers are ordering less and other contracts have been deferred. A move from a sale model to a rental model has also hit short-term revenues.
The news of the stake increase came after the market closed. At 78.5p a share, Bond is valued at £26m. Net debt was £2.4m at the end of June 2009.
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