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Microgen - Bids for AFA

September 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Since our last update note on Microgen, the company has reached agreement to acquire AIM listed AFA Systems, a supplier of financial software for the banking and asset management sectors. It is paying 4.51p and 0.18168 Microgen shares for each AFA share, valuing AFA at £7.2m or 15.32p per share. The cash element is being funded by a placing of 4.3m new shares at 57p. AFA Systems' recent performance has been nothing to write home about, with a loss of £1.2m on sales of £4.1m in the first six months of the year but Microgen is likely to improve on this by eliminating duplicated costs, in particular people and property.A month earlier Microgen also emerged with a 7.46% stake in SAP consultant Diagonal Group, acquire ...

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Microgen - Bids for AFA

September 2004

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