IT software and services provider Maxima Holdings is continuing with its strategic review but it says that bid talks have ended.
There will not be a sale of the entire business but this does not mean that part of the business will not be sold.
Maxima reported a loss of £9m in the year to May 2011, after a write-down of £8.3m and exceptional charges of £1.2m. Revenues fell from £51m to £45.7m. There was no final dividend. Market conditions are difficult and major orders have been delayed.
Net debt was £10.5m at the end of May 2011. Net assets have fallen to £14.9m.
At 21.5p a share, down 1.5p, Maxima is valued at £5.43m. That is less than half the market value since the strategic review was started. Maxima needs additional cash for its business.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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