News blog
Universe Group / Brulines
- BY: Andrew Hore |
- POSTED: 21/10/2009 |
Brulines says that it still has not gained Universe Group’s permission to carry out due diligence on the prospective bid target.
The payment and loyalty systems supplier has said that it is not allowing Brulines to carry out due diligence and added that it does not believe that its current share price reflects the company’s value.
As part of a first half trading statement, Brulines said that it was seeking a way to resolve the issue.
The trading statement shows that Brulines is trading strongly and generating cash. It plans to increase its interim dividend. The interim figures to September 2009 will be published on 1 December.
The statement also included an update on the recently acquired forecourt systems supplier Edensure. This is the part of Brulines that has most in common with Universe. Brulines says that it has significantly reduced Edensure’s loss since its acquisition in October 2008. A new contract with a supermarket group has moved Edensure near to breakeven on a monthly basis. Brulines says that there is increased interest in Edensure’s technology from petrol forecourt operators.
At 4.875p a share, Universe is valued at £5.59m. Shares in Brulines rose 6.5p to 126.5p each, which values the company at £35.3m.
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