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Maxima Holdings

  • BY: Andrew Hore |
  • POSTED: 28/02/2012 |

IT services provider Maxima Holdings has sold non-core assets for 6.8m.

The document management services, Intellect and Microsoft generated revenues of 7.2m in the year to May 2011 and made a contribution to central overheads of 1.9m.

M-Hance Group is paying 6.5m in cash and a further 300,000 deferred for 27 months.

The cash will be used to reduce debts and pay rationalisation costs.

Net debt was 10.5m at the end of May 2011, while net assets were 14.9m. Since then a placing raised 2m, while the sale of Integrated Business Systems raised 1.2m, with a further 200,000 deferred - the NAV was 1.3m.

Interim figures were due to be announced in February but there is only one day left for this to happen.

At 32.5p a share, Maxima is valued at 11.5m.

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