Ultimate Finance in reverse takeover talks (industry news)

According to LONDON (SHARECAST) – Trading in Ultimate Finance shares was been suspended on Wednesday (22nd Sep) after the provider of invoice discounting, factoring facilities and asset finance confirmed it is in talks that may lead to the acquisition of a factoring services (flexible loans) business.

AIM-quoted Ultimate said discussions were at an advanced stage and that if successful the move would be considered a reverse takeover under AIM Rules. No other details were provided.

In a separate statement from Ultimate Finance, the group reported a 10% increase in profit before tax for the year ended 30th June to £446,000 on revenue up 35% to £6.44m. Operating before one-off charges grew 37% to £553,000.

Chairman Clive Garston was quoted as saying, “Whilst the economic climate remains tough, demand for our services is growing and we will continue to take the necessary steps to build solid sustainable shareholder value from the opportunities that present themselves,”

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