Management Resource Solutions (LON:MRS) – CORP: Suspension
Market Cap: Suspended; Current Price: Suspended
Shares suspended pending potential reverse takeover
- Shares were suspended yesterday afternoon (16.25) as it has entered into non-binding heads of terms regarding a potential acquisition, which if completed on the current proposed terms, would be classified as a reverse takeover.
- Shares will remain suspended until either an admission document setting out the details of the proposed acquisition is published, which would be no earlier than Q4 2015, or confirmation is given that the transaction is not proceeding.
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Separately, MRS has been invited to tender for a number of new contracts.
EG Solutions (LON:EGS) – H1 update
Market Cap: £15.1m; Current Price: 67p
H1 trading in line
- H1 trading in line with expectations with an improvement in forward visibility with an order book of multi-year contracts, to be recognised over the next three to four years, of £15.5m (2014: £13.0m).
- Significant investment in operational sales and marketing post January’s placing (£3.2m) and accelerated product development. As a result, eg forecasting and eg mobile will be launched in September.
- H1 revenue c. £3.6m (H1 FY15: £3.1m underlying, £4.0m reported) with a loss of c. £0.3m (H1 FY15: profit of £0.6m reported). Cash at H1 of £3.1m. Interims scheduled for 23rd September.
- Separately announced the appointment of Bob Krakauer, the CFO of Aspect Software, as a Non-Executive Director, as the representative of Aspect on eg’s board (7.6% shareholder). He replaces Spence Mallder.
NORTHLAND CAPITAL PARTNERS VIEW: Reassuring trading update with the growth in the order book and underlying recognised revenue. At the same time, the heavy investment in sales and marketing is impacting short term profitability. Consensus is for a £0.3m LBT for the full year suggesting a break even H2.