As a result of a strategic review the board of Bglobal plc has decided to sell its metering business, B Global Metering Limited.
The company is also implementing a number of other actions including taking significant cost out of Bglobal’s head office and re-focusing the business on its customers and implementing strict cash management procedures.
The company does not intend to sell Utiligroup Limited the data management software publisher it bought for £11.59 million in August 2011. The sale of the Bglobal company as a whole was being considered. However, this no longer the case and as a result, the company is no longer in an “offer period” for the purposes of the Takeover Code.
John Grant, Chairman, notes that: “Since 15 August 2013, I, the Board, the management team and employees of the Company have – with the assistance of KPMG LLP – been working hard to review the strategic direction of the Company. As a result, we have already taken a number of steps to improve the current performance of Bglobal, and have decided to explore whether shareholder value can be further maximised through the sale of the metering business as we believe that a third party may be better placed to take this business to the next phase of its development. I would like to thank the customers and employees of the Company for their support during this review period.”
UK, Darwen, Lancashire
- Bglobal sells Utilisoft Australia to Hansen Corporation Posted on March 1, 2013
- Bglobal acquire Draig Technology Limited Posted on September 24, 2012
- Bglobal announces preliminary results for the year ended 31 March 2012 Posted on July 17, 2012
- Bglobal acquires Utiligroup Posted on August 13, 2010