News blog
Universe Group/ Brulines
- BY: Andrew Hore |
- POSTED: 15/09/2009 |
Universe Group has said that it has received a bid approach but did not mention the name of the bidder.
AIM-quoted Brulines Group bought a 7.05% stake in the payment and loyalty systems supplier last week and has increased it to 8.33%. Brulines supplies systems that measure the dispensing of beer and provide reports on amusement and gaming systems but it also has a subsidiary called Edensure that monitors the loss of fuel at petrol forecourts.
Bruline’s petrol forecourt services division appointed Phil Maud as its managing director on 2 September. Maud had been director of petrol forecourts at Morrisons Supermarkets for eight years. Morrisons is one of Universe’s big customers.
Whether or not the bidder is Brulines, this is still a preliminary approach that is subject to due diligence.
The Universe share price did not move immediately when the stake acquisition was announced. Since then the share price has risen from 3.375p to 5.125p, which values Universe at £5.87m. Management says that the share price does not reflect the prospects of the business. The share price has not been at its current level for more than one year but it is one-third of the level near to the end of 2007.
At 103.5p a share, Brulines is valued at £28.9m.
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