Patsystems receives possible cash offer
Patsystems, which provides trading and exchange systems to the derivatives community, has been approached about a possible cash offer by its largest shareholder, ION Trading.
Patsystems, which provides trading and exchange systems to the derivatives community, has been approached about a possible cash offer by its largest shareholder, ION Trading.
The board has said it is carefully assessing the offer, which values each share in Patsystems at 14 pence.
The firm also gave an update on its performance, saying that it has concluded from its preliminary assessment of the financial impact of the collapse of MF Global Holdings, that Patsystems revenues and therefore profits for the year will be lower by about £500,000.
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"The impact on our business has essentially two aspects to it. MF Global was our single largest client and, as well as owing us money at the point of collapse, was expected to provide revenues throughout the remainder of 2011 and onwards. The majority of those revenues relate to transactions conducted by MF Global's own customer base which if they migrate to other Patsystems clients would lessen the impact of the direct loss of MF Global's business," the company said.
"We expect to benefit from the transfer of MF Global's customers to other of our clients, but it is not yet possible to determine at what level this will occur. Taking this into account, and the anticipated growth in the Mixit business and the business efficiencies that are being implemented, we expect trading in 2012 to show significant improvement on 2011."
The share price rose 32.47% to 12.75p by 12:25.
NR
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