Prologic is recommending a 36.5p a share cash bid from ESWC Acquisitions, which values the supplier of software to retailers at £3.65m.
To put this into perspective, Prologic raised £3.2m at 75p a share when it joined Aim on 5 July 2004.
US-based investor Joseph Liemandt is behind the bid and he owns complementary businesses. Admin and sales resources may be shared with these other companies and software development will be undertaken by an offshore affiliate. Acceptances of 74.5% of the share capital have already been received.
Prologic feels that it requires additional cash to finance continued development of its software.
Prologic is making a provision of £505,000 relating to a security breach of its electronic funds transfer processing business. No customers lost money as a result of the breach. However, the customers may be subject to fines from banks and Prologic has entered into a settlement with these banks.
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