News blog
Universe Group
- BY: Andrew Hore |
- POSTED: 28/10/2009 |
A contract extension with a major supermarket will require the approval of Universe Group shareholders.
This is because Brulines, the potential bidder for Universe, has not given consent to the new contract, which contains a change of control clause that would enable the customer to immediately cancel the contract if Universe is taken over.
The payment and loyalty systems supplier has to gain shareholder approval because the contract could frustrate any potential bid.
The new contract renews and extends an existing contract to provide the UK supermarket chain with petrol forecourt services and lasts for five years. The contract will “increase recurring revenues materially”. There are also additional opportunities for equipment roll-outs.
At 4.875p a share, Universe is valued at £5.59m.
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