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Microgen launches tender offer at 40-50p

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Date: Tuesday 14 Oct 2008

LONDON (ShareCast) - Software group Microgen has launched a tender offer to buy back up to 25% of its shares at a price of between 40-50p.

Microgen said the move is in recognition of the illiquid nature of small-cap shareholdings, particularly in the current stockmarket environment. The directors do not intend to tender any shares.

The group added that despite the market instability, it "remains on track to meet the expectations for 2008 but that it "anticipates the ramifications from the current unprecedented market conditions to continue through 2009, with a high probability of further deterioration in the business environment".

The Polish zloty has strengthened by approx 25% against sterling over the past year, increasing the cost of the Group's Poland based development centre in 2009.

Microgen is also launching a new structure with three separate divisons and a new bonus scheme.

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