Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIde Hldgs Share News (IDE)

Share Price Information for Ide Hldgs (IDE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 3.35
Bid: 3.20
Ask: 3.50
Change: -0.05 (-1.47%)
Spread: 0.30 (9.38%)
Open: 3.40
High: 3.40
Low: 3.35
Yest. Close: 3.40
IDE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

IDE Group Sells One Of Three Divisions To Managers Amid Restructuring

Mon, 15th Oct 2018 11:39

LONDON (Alliance News) - IDE Group Holdings PLC said Monday it has completed its strategic and operational review, resulting in a GBP3.0 million management buyout of subsidiary 365 ITMS Ltd.

The software & computer services company has split back into three component parts - the original acquisitions made by the company - with a view to "potentially disposing of one or more" of these component parts.

As a result, IDE Group has sold 365 ITMS to PTCA Newco Ltd - a new incorporated company owned by some members of the 365 ITMS management team - on a cash free, debt free basis.

The GBP3 million consideration for the sale will be payable in cash. The proceeds will be used to reduce IDE Group's net debt.

MXC Guernsey Ltd, a wholly owned subsidiary of MXC Capital Ltd, IDE's largest shareholder, has provided funding to the management buyout team to complete the sale. MXC confirmed separately that it has provided a GBP3 million loan to the team. The three-year loan carries a 12% interest rate and is interest-only for the first year.

IDE said there are "no ongoing discussions" about disposing its remaining two businesses, IDE Group Manage Ltd, which provides outsourced IT services, and IDE Group Connect Ltd, which provides network services and data centre hosting services.

IDE Group said it is "focused on right-sizing" the company to "enable it to trade profitably".

The company said: "There is further work to be done in order to achieve this which is currently being undertaken but the board believes that this is the best option for the group to enable it to recover the value that has been lost."

In September, the company reported that, for the six months ended June, pretax loss widened to GBP39.4 million from GBP1.6 million the year prior. First half revenue slipped to GBP28.7 million from GBP29.6 million a year before.

To aid the company's restructuring, Non-Executive Chairman Andy Parker will move to executive chairman, effective immediately.

IDE Group said it will look to add an independent non-executive director to the board in the coming months. It also expected that Parker will revert back to non-executive chairman when the company has completed its restructure.

Shares in IDE Group were untraded Monday 2.50 pence each.

More News

IDE Group Appoints Shareholder's Executive To Board

IDE Group Appoints Shareholder's Executive To Board

13 Nov 19 13:17

IQGeo Appoints Co-Founder Of Major Shareholder As Non-Executive

IQGeo Appoints Co-Founder Of Major Shareholder As Non-Executive

31 Oct 19 18:11

IDE Group Reports Mixed Performance As Loss Narrows But Revenue Down

IDE Group Reports Mixed Performance As Loss Narrows But Revenue Down

26 Sep 19 12:02

AIM Listings Have Shares Suspended After Failing To Publish Results

(Alliance News) - A group of London's AIM market listings had their shares suspended on Monday following the failure to publish 2018 results on time.Under AIM rules, companies had until

1 Jul 19 09:59

IDE Group Shares Plummet As Annual Loss Doubles After Revenue Fall

(Alliance News) - IDE Group Holdings PLC on Friday said its loss widened in 2018 following a drop in revenue caused by non-repeat of projects completed in 2017.The stock was trading 23% on

28 Jun 19 11:49

WINNERS & LOSERS SUMMARY: Clarkson Sinks Amid Tough Market Conditions

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - down 1.0%. Deutsche Bank downgraded the to -

11 Mar 19 10:45

IDE Group significantly reduces losses following cost cutting efforts

(Sharecast News) - IT services provider IDE Group cut costs during its last financial year, resulting in an improved performance in its second half.

11 Mar 19 10:35

IDE Group Holdings Receives Valid Acceptances For GBP1 Million Offer (ALLISS)

LONDON (Alliance News) - Cloud and managed IT services provider IDE Group Holdings PLC on Tuesday said it received valid acceptances for GBP1.0 million in the second tranche of its loan notes the

12 Feb 19 12:09

MXC Capital Invests Further GBP9.0 Million In IDE Group In Loan Notes (ALLISS)

LONDON (Alliance News) - MXC Capital Ltd said Thursday it will invest a further GBP9.0 million in IDE Group Holdings PLC through the subscription of secured loan notes.Technology investor a

10 Jan 19 12:20

MXC Capital Loss Narrows, Seeks Higher Returns Through Partnerships

LONDON (Alliance News) - AIM-listed tech investor MXC Capital Ltd on Wednesday reported a narrowed annual loss, despite a fall in net assets, as the company shifted focus towards third-party the a

28 Nov 18 12:22

IDE Group Sells One Of Three Divisions To Managers Amid Restructuring

LONDON (Alliance News) - IDE Group Holdings PLC said Monday it has completed its strategic and operational review, resulting in a GBP3.0 million management buyout of subsidiary 365 ITMS software -

15 Oct 18 11:39

IDE Group Interim Non-Executive Chairman Dobbie Steps Down

LONDON (Alliance News) - IDE Group Holdings PLC said Friday Interim Non-Executive Chairman Bill Dobbie has stepped down from the board.Non-Executive Director Andy Parker will replace him as

5 Oct 18 09:28

IDE Shares Plunge On Deep Interim Loss In "Worst" Results Ever Seen

LONDON (Alliance News) - Cloud and managed IT services firm IDE Group PLC said Friday its interim loss ballooned on impairments in what the sole executive director described as the set of results

28 Sep 18 11:04

IDE Group Non-Executive Director Katherine Ward Steps Down

LONDON (Alliance News) - IDE Group Holdings PLC said Monday that Non-Executive Director Katherine Ward stepped down with immediate effect following the company's general meeting.The all

20 Aug 18 12:50

*IDE Group Holdings Non-Executive Director Katherine Ward Steps Down Immediately

20 Aug 18 12:23
12

Login to your account

Don't have an account? Click here to register.