News blog
PSG Solutions
- BY: Andrew Hore |
- POSTED: 30/04/2009 |
Bob Morton’s Southwind is making a mandatory 17.125p a share bid for PSG Solutions.
Southwind and related parties that include PSG boss Jonathan Mervis have increased their combined stake in the property search group to 51.9%. The latest purchase price was 17.125p a share.
This sparked a mandatory bid which Southwind emphasises it is only making because it has to. It appears that Southwind will want to maintain the quotation.
Shares in PSG jumped 2.25p to 18.5p each, which values PSG at £4.73m. There was net cash of £3.1m at the end of September 2008.
The property sector is tough but the property search business was still profitable in the six months to September 2008. The other non-core operations were also profitable. First half earnings per share were 3.46p, so even if PSG broke even in the second half the shares would be trading on five times earnings. FinnCap was forecast full year profits of £1.5m at the interim stage.
The exposure to the property sector has hit the share price but the balance sheet is strong with net tangible assets of £5.26m.
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