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  • BY: Andrew Hore |
  • POSTED: 04/05/2010 |

NetServices is selling its business to GCI Telecom for 3.2m in cash and becoming a shell.

At 8.625p a share, down 0.125p, NetServices is valued at 2.84m. There was a small amount of debt in the balance sheet at the end of February 2010 but the pro forma cash should be more than the current market value.

The managed services business and WAN Services Ltd are being sold. GCI is also buying the NetServices name. Revenues from the business declined from 3.2m to 2.3m in the six months to February 2010. It made a small loss in the period.

The sale requires shareholder approval at a meeting on 18 May.

The company will change its name to Accumuli and look for acquisitions in the IT services sector. Former Xploite boss Ian Smith recently subscribed for shares in NetServices and he will help to find suitable acquisitions. Xploite built up more than one IT related business before selling it on and has just merged with Avisen.

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