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29 Oct 2013 07:00
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microgen
www.microgen.com
29 October 2013
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Interim Management Statement
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Microgen plc ('Microgen' or 'Group') provides its Interim Management Statement covering the period from 1 July 2013 to the date of this announcement. Microgen released its interim results for the six months ending 30 June 2013 on 22 July 2013.
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There have been no significant changes since 1 July 2013 in the financial position of Microgen and its balance sheet remains strong. Following payment of the interim dividend of Β£0.9 million in August, the Group had net cash at 30 September 2013 of Β£26.8 million (30 June 2013 : Β£26.8 million).
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Both the Financial Systems Division ("FSD") and the Microgen Aptitude Solutions Division ("MASD") continue to perform satisfactorily and in line with the Board's current expectations.
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On 13 May, the Board announced that it would be undertaking a strategic review of each operating division and the Group. The outcome of the review has been released today in a separate announcement, including :
Β· A proposed tender offer for up to Β£10 million;
Β· Improved return on capital from the FSD through a ring-fenced leveraged capital structure;
Β· Significant investment in the MASD to pursue the Big Data market opportunity;
Β· Proposed changes to long term incentive schemes; and
Β· An acquisition strategy to increase the scale of the Group.
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Contacts
Martyn Ratcliffe, Chairman 020-7496-8100
Philip Wood, Group Finance Director
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James Melville-Ross, FTI Consulting 020-7831-3113
Lucy Delaney, FTI Consulting
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Rowena Murray, Investec Bank Plc 020-7597 5970
Andrew Pinder, Investec Bank Plc
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