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Imagesound
- BY: Andrew Hore |
- POSTED: 01/07/2011 |
Former Aim company Imagesound is recommending a 16p a share cash bid from Vespa Capital-backed Concentia Capital.
The bid values Imagesound at £10.2m and there are acceptances from holders of 80% of the share capital. There are also £1.45m of convertible notes with a conversion price of 16p a share, which will be converted and acquired as part of the bid.
Prior to the bid there were three matched bargain transactions in the shares at a weighted average price of 7.3p a share. Concentia is controlled by Vespa and the Imagesound management.
The in-store and hotel music provider left Aim in May 2008, having joined in August 2004. Imagesound said that it would save £150,000 a year by leaving Aim. The retail side of the business has been tough and the operations have been refocused on international hotels. Imagesound made a flat EBITDA of £1.92m on revenues 5% higher at £8.12m in 2010.
The day before Imagesound announced that it wanted to leave Aim the shares were trading at 7p each, valuing the company at less than £4.5m. The share price had been double that level less than one year before.
Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJune2011_21.pdf
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