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NetServices

  • BY: Andrew Hore |
  • POSTED: 31/01/2010 |

NetServices says that it has received approaches from potential buyers of its operating businesses.

The expressions of interest cover the managed services business and the shareholding in WAN Services Ltd. If they are sold then NetServices would become a shell. Shareholders will have to approve a disposal and new investing strategy for the company.

At 9.375p a share, NetServices is valued at 3.09m.  The share price has doubled in the past three weeks. The company had net cash of just over 100,000 at the end of August 2009.

NetServices recently raised an initial 116,000 at 3.5p a share. A further subscription of up to 2m at 8.7p a share is dependent on a suitable acquisition being secured in the next 12 months. The share price has only just gone back above the second subscription price. The disposal of the current operations will mean that the directors can concentrate on finding an acquisition.

Xploite chief executive Ian Smith subscribed for all the shares and joined the NetServices board. Aim-quoted managed IT services provider Xploite is currently in dispute with Cantono over payment for the managed services businesses it acquired from the former Aim company.

Smith already owned 2.4% of NetServices, which was acquired at share prices between 3p and 3.3p. Following the initial subscription he owns 12.2% of the company. 

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