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UK Businesses For Sale

Glen Group sells Eclectic and I G Software
20/12/2007

Glen Group plc has announced that it has entered into a conditional agreement relating to the sale of the business and assets of its wholly owned subsidiaries, Eclectic Group Limited and I G Software Limited, for the sum of up to £3m payable in cash. The agreement, which is subject to Glen shareholder consent and final approval from the purchaser's bankers, is with Maxima Information Group Limited, a wholly owned subsidiary of Maxima Holdings plc, an AIM listed IT solutions and managed services company.

It is understood that Maxima intends funding the purchase from operational cash flows and existing facilities with their bankers. The maximum sale price represents a value per issued Ordinary Share of 0.272p, which equates to a premium of 101.5% compared to the closing middle market price on 18 December 2007 of 0.135p, which valued the entire Glen group, including the businesses not being sold, at £1.6m.

Commenting today Graham J Duncan Chief Executive Officer said "This transaction will provide us with the funds to allow us to make further in roads into the market we know best and to also build the Group by acquiring communications and IT solutions businesses which address the SME market. In the current economic climate and as a consequence of the proposed changes to the capital gains tax rules, we are ideally placed, with our strengthened balance sheet, to achieve this"
Inmarsat receives a bid approach from American investor
08 Jul 2008
Inmarsat, the UK-listed satellite communications provider has received a takeover offer from Harbing...[more]
Shipleys Amusements close to a sale
07 Jul 2008
Shipleys Amusements, the UK-based leisure group may soon be purchased by Nick Harding, one of the UK...[more]
BSkyB mulls a bid for Digital Plus
04 Jul 2008
British Sky Broadcasting (BSkyB), the British pay-TV group, is considering making a bid of €2.5bn fo...[more]
BA has bought French airline L'Avion
03 Jul 2008
British Airways has bought L'Avion, a privately owned French business-class airline that flies betwe...[more]
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