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Business Control Solutions

  • BY: Andrew Hore |
  • POSTED: 24/11/2009 |

Business Control Solutions wants to leave Aim and it is giving shareholders the chance to exit via a tender offer.

The control software and consultancy business says it costs £200,000 a year to be quoted on Aim. The company does not believe that its valuation reflects the progress made. The proceeds of any potential future trade sale are more likely to be maximised as a private company than an undervalued quoted one. The company will be re-registered as a private limited company.

The BCS Employee Benefits Trust is offering to acquire up to 40m shares at 1.25p each. That will cost £500,000. The closing date for the tender is 1pm on 15 December. The directors of BCS say that they will not tender any of their 56% stake.

BCS reported flat revenues of £4.5m in the six months to June 2009. This masked an improvement in the second quarter. Recurring revenues increased by 23%. The underlying loss increased from £263,000 to £434,000. Capitalised development costs fell from £316,000 to £186,000, while amortisation increased from £24,000 to £166,000.

There were signs that the second half could be stronger. A £520,000 loss is forecast for 2009.

At 1.25p a share, BCS is valued at £3.39m. There was nearly £2m in cash in the bank at the end of June 2009. The share price has bucked recent stock market trends and is slightly lower than one year ago.

BCS hopes to cancel its Aim quotation on Christmas Eve. JP Jenkins will then offer a matched bargains service.

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