3rd Sep 2013 12:04
LONDON (Alliance News) - IT investment company Tern PLC, formerly oil & gas investor Silvermere Energy PLC, said it has a number of investment targets in which it wants to acquire a majority stake, and is focused on concluding a transaction in a "swift and an efficient manner".
Tern said it there are technically excellent information technology businesses which may not have the management and sales-and-marketing skills to fully exploit their business potential. Tern said it plans to acquire established IT companies that have their own intellectual-property products, with a view to developing them and expanding in the UK and overseas. After growing the business, Tern aims to sell or float the companies in order to return value to shareholders.
"The experienced management team plans to take advantage of a structural change in the market for IT services as it offers high margins, relatively low cash requirement and potentially high exit values in short time-scales," Tern said in a statement.
Tern shares were quoted Tuesday at 0.420 pence per share, up 0.020 pence or 5.00%.
By Samuel Agini; [email protected]; @samuelagini
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