News blog
Xploite
- BY: Andrew Hore |
- POSTED: 21/10/2009 |
Xploite is using cash raised from the disposal of its IT managed services business to tender for nearly half of its shares.
Xploite is tendering 50p a share for up to 19m shares (46.57% of its share capital). This will cost £9.5m.
Xploite has been looking to reinvest the cash from the disposal in acquiring a new business. Management has failed to find a suitable acquisition at the right price and has decided to focus on smaller acquisitions. This means that it will not need all of its cash. Xploite will have £3.1m left if the tender offer is fully taken up. There is further deferred consideration of £4.1m and liabilities of £1.25m.
Shareholders have until 19 November to tender their shares.
The remaining business is storage resource analysis software developer Storage Fusion. Progress is disappointing and the business will report a significant loss in the year to October 2009. Xploite is trying to stem the cash outflow. The 2008-09 figures will be reported at the end of January 2010.
At 45.5p a share, Xploite is valued at £18.6m.
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