Share Name Share Symbol Market Type Share ISIN Share Description
Access Intelligence Plc LSE:ACC London Ordinary Share GB00BGQVB052 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 54.50 55,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
53.00 56.00 54.50 54.50 54.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 8.89 -1.72 -3.32 33
Last Trade Time Trade Type Trade Size Trade Price Currency
10:33:01 O 10,000 53.00 GBX

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08/10/201915:16Access Intelligence - Innovative Compliance Solutions353
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Access Intelligence Daily Update: Access Intelligence Plc is listed in the Media sector of the London Stock Exchange with ticker ACC. The last closing price for Access Intelligence was 54.50p.
Access Intelligence Plc has a 4 week average price of 53.50p and a 12 week average price of 53.50p.
The 1 year high share price is 65p while the 1 year low share price is currently 5.20p.
There are currently 61,106,088 shares in issue and the average daily traded volume is 20,000 shares. The market capitalisation of Access Intelligence Plc is £33,302,817.96.
longshanks: Missed your post here toffeeman; this share is as quiet as the proverbial grave.I have followed for some time and have a small interest: the share price has drifted upwards so timing could be on for a Phoenix like revival.
geminian: Anybody know if there is ever going to be an upward and improving share price and giving dividends, or is this going to be another one of these Jam tomorrow companies always finding a reason not to move forward? have held these for a few years now and keep hearing everything is improving without any real corresponding evidence.
michaelmouse: hTTp:// Kestrel now own over 11%. hTTp://
michaelmouse: I wouldn't like to guess exactly what's going on, but as I noted in my blog at the end of May:- hTTp:// "There was a small tick up in the share price on Friday and whilst share sales have left the share price unmoved in recent weeks, a small number of buys quickly moved the price upwards." I may be wrong but there does appear to be a buyer in the background. Michael.
michaelmouse: Unfortunate timing in releasing what were very good and encouraging interims on Monday, although the share price hasn't moved one way or the other this week. Alongside the notes in post 279, further highlights included:- "AIMediaComms: The first half of 2015 has seen excellent growth in recurring revenues across all products and sectors, with strong new business wins underpinned by very high client retention rates." Post period end they also acquired certain assets of both Cision UK Limited and Vocus UK Limited. "C&V are leading providers of Integrated Management Solutions ("IMS") in the UK market and currently support in excess of 1,500 SaaS customers on predominantly annual contracts across a wide range of industries. The Acquisition will provide Access Intelligence with a comprehensive database of global media contacts, including detailed information about new influencers in emerging digital media channels, transforming the proposition of Access Intelligence subsidiary AIMediaComms Limited ("AIMC") and creating an unrivalled portfolio of communications software and services for the UK IMS market." "Due North: Due North continued to focus its efforts within the public sector with key new market wins in central government and education. The launch of the new product has been widely received by its enviable customer base who are currently in user acceptance testing and will migrate over the course of the second half of 2015. Feedback has been particularly strong around the improved user experience, rich functionality and reporting capabilities to assist them increase efficiencies at every level of local government." "AITrackRecord: One month after launch (of it's new product), it secured its first FTSE 100 financial services client following a comprehensive analysis of competitors. Whilst increasing its momentum in its core market of financial services, new opportunities are beginning to arise in areas such as manufacturing, oil and gas and logistics due to the capability of the new platform. AITrackRecord looks forward to capitalising on the early success of the platform and growing pipeline in 2016." "AIControlPoint: Diversification of market verticals has proven essential in 2015 given the downturn in the hydrocarbon industry and AIControlPoint has done well to land key new business with a major group of airports, as well as expanding its footprint within the airline and tour ops industries. The new product is expected to launch in the second half of 2015 and will provide a flexible and powerful solution, which will provide the Product Team with the agility to react quickly to what is an ever-evolving marketplace." Well worth casting your eye over the full report in case you missed it on Monday. Michael.
hydrus: I don't disagree Michael. I can see the recurring revenues and reduction in R and D creating profits that would put this on a competitive rating. That might result in a reasonable uplift in the share price. However, in order to achieve a very good return for shareholders, ACC will need to grow the topline significantly and demonstrate their new upgraded products are selling well. Personally I'm only interested in the prospects of a very good return so will be watching here for signs of progress. They are at a critical point, clearly.
longshanks: Thanks for that Michael - and all your other research.I bought in yesterday (managed to steal a few which were available at the bid price).I have to concur with you.Looks to me like they have now completed what has been a fairly long process of repackaging all their products. Investment requirements should now reduce substantially and cash flow and EBITDA should be in for a sustained upward trajectory.The management seem astute too - and focussed on what makes "shareholder value". I wouldn't be surprised if we see a trade sale of the business for a good multiple of the current share price within the next year or so because of the VCT involvement.The proposed acquisition doesn't look a natural fit to me. It is SaaS but it doesn't seem to fit with the Governance niche they have carved. Does it to you?
davydoo: I don't hold these but some of the comments are laughable. 'to offset reduced professional services revenues due to staff being deployed on internal development projects' Professional Services are sold (I used to sell them). Usually staff are deployed on internal projects as a result of no sales, rather than no sales because staff are deployed on internal projects. 'Cash balance as at 31 May 2014 £1.1m (H1 2013: £2.3m) reflecting sustained development spend in the half year' So at this burn rate will there be any cash left at year end? 'Access Intelligence continues to drive long term shareholder...value' So with no more dividends the share price is up then? 'the platform and scalability to continue to expand our reputation and position' great, what about sales and profits though?
howdlep: For people new to this bb, here is a review of recent news stories:- Published: 10/08/2010 10:20 - Updated: 10/08/2010 10:23 Michael Jackson will take Access to zenith Martin Flitton When it comes to seeking out a potential growth stock, there are a number of fundamental points that need to be met for the right criteria. Not only does there have to be a proven and experienced person at the helm, the business prospects need to be sound, too, along with the balance sheet. While many fledgling stocks fall at the first hurdle, Access Intelligence may have what it takes to make the grade. At just 4.5p per share and a market cap of a paltry £10m, Access is attractive for several reasons. Not least, it is headed by former Sage Software chairman Michael Jackson who, via his own venture capital vehicle Elderstreet, took a sizeable stake two years back. The strategy has been, and remains, to build a significant software business for compliance. This takes clients on board in the pharma and biotech sector, along with financial services, business security and media. And, boasting a sound balance sheet, Access, in Michael Jackson's hands, is making sound progress with the potential to become something of a growth star. With a complement of six businesses now under the umbrella, sales have been steadily rising to last year's £6m, which delivered a pre-tax profit of half a million pounds. While that may not have buyers stampeding for the shares, it does suggest there is a potential and the firm has already delivered a pre-tax profit for the first half of 2010 of £470k. With many of its services tailor-made to enable clients to meet strict industry regulation, Access has already carved out a decent mix of public and priva te business; and while it supplies the NHS, Metropolitan Police and local government, it has reassured investors as it expects Government spending cuts to have little negative effect. In fact, Access' recurring revenues have been increasing strongly in the last couple of years, despite the recession, and now make up 57% of all business. With £2.4m in cash on the balance sheet, the company earlier this year shelled out £3m as part of a £5m acquisition of Cobent. This should make an excellent fit, enabling Access to further penetrate the North American market where Cobent serves a number of clients. Although Access is currently a relatively niche operator, Michael Jackson appears to be making all the right moves. Although Access may not go on to emulate Sage, I wouldn't bet against it and at 4.5p each the shares are worth a punt. 9 August 2010 Extract from The SF T1PS Smaler Companies Growth Fund Newsletter for August, confirming that the fund have been buying ACC stock again:- So how do we alter our strategy as we enter a new cycle of the market? Well we do not. As you know, our approach to investment never changes. We look to buy shares in good companies when the values are incredibly appealing and then wait. That can lead to short term underperformance as we do not claim to be able to spot the bottom in terms of sentiment. Anyone who makes that claim is, in our view, either a fool or a liar or a chartist or any combination of the above. So we have bought into value and now wait. When we have spare cash to invest we add to one of our existing holdings where we see the greatest untapped value and carry on waiting. So in recent weeks your fund has bought more Avisen (ex cash PE of 1) in a greedy way and has nibbled at ILX, Intandem, Northern Petroleum, Access Intelligence and one we cannot mention yet. 9 August 2010 T1PS members should read the weekend editorial, as that provides an indication of what may be about to follow re price sensitive news. This is of course follows on from the editorial of 1 August, which listed the top 14 buys in London. ACC was included in that list, and the article may be on free circulation very soon. 6 August 2010 The current Shares Magazine explains how investing in penny shares is risky but when you get them right you can easily double, treble, quaruple or even make ten times your original stake by netting those elusive 'ten baggers'. This week the Shares team unveils its top ten penny picks. The filter:- Share price 10p or less Market value £20 million or under Spread 20% or lower Of the 228 AIM names upon which we focused our attentions, just 30 had earnings forecasts , even though first impressions told us some of them held out the prospect of healthy profits growth. Out of the 30 with publicly available earnings estimates, 17 are predicted to grow earnings per shares (EPS) this year by more than 30% and a good number of these names are among our ten picks. These include Access Intelligence (ACC), market cap £10.8 million at mid price of 4.3p, with 2010 EPS growth of 48.3%. Spread 11.1%. The microcap's acquisitve growth strategy is overseen by executive chairman Michael Jackson. Jackson's CV includes growing business software giant Sage (SGE) from a company with a market value of £23.8 million when floated he floated it in December 1989 to £2.9 billion when he left in August 2006. A work in progress, Access will focus on compliance software. Current offerings include e-procurement and Financial Services Authority compliance monitoring, as well as a market-leading media relations software product. Most recently the group acquired compliance software specialist Cobent. An internet delivery product, where users pay monthly, ensures low entry costs for users and steady income for Access which has 57% recurring revenues. July's half-yearly announcement saw an 83% rise in earnings per share, to 0.22p, as well as a net cash balance of £2.4 million. Whilst significant growth should come from the acquisition plans, increasing amounts of compliance and regulation should also ensure organic growth. 19 July 2010 Astaire Note dated 19 July:- Michael Jackson CNBC Interview dated 19 July 2010:- Michael Jackson, Executive Chairman of Access Intelligence Plc appears on CNBC's 'Strictly Money' segment to discuss the impact of the proposed coalition spending cuts on UK businesses. Driving cost efficiencies through aggregated purchasing software delivered via Software-as-a-Service negates the need for expensive upfront capex in order to drive long-term cost savings. Due North, a subsidiary of Access Intelligence Plc, delivers procurement software into the Public and Private Sectors. 19 July 2010 Jackson eyes acquisitions, may pay dividend payment:- Former Sage boss Michael Jackson's new software venture, Access Intelligence (LON:ACC), is currently looking at two to three potential acquisition opportunities as it continues its expansion in the compliance sector. Jackson told Proactiveinvestors the deals were likely to be in the £2 million to £3 million price range, though one is slightly larger, and could be funded by a mix of paper and cash. "The market is fragmented," the Access chairman said. Proactiveinvestors recommends smartFOCUS' shift to Software as a Service pays dividends Allocate Software looks ideally positioned to benefit from NHS efficiency driveFinancial software specialist StatPro is a British firm to be proud of"I think there is a growing trend towards compliance and we like software services because of its dependable revenue. And there are quite a lot of companies out there we can acquire. There are some good bolt-on opportunities." Access is one of a new breed of companies focusing on the software as a service, or SaaS sector, where programmes are pumped direct to desktops using the latest cloud computing. Its last acquisition, the £5 million purchase of a firm called Cobent, is typical of the strategy under Jackson. Cobent provides material used by the financial services and drugs industry to make sure firms are complying with the latest rules and regulations. Jackson was speaking after the release of interim results, which revealed pre-tax profits grew by around 180 per cent to £470,000. One feature of the figures was the cash generation of Access, which at 150 per cent of EBITDA was very strong. "It is pretty unusual even in the technology sector to be producing cash at that rate," said finance director Jeremy Hamer. "And it's not because we have over-funded the acquisitions. Cash generation qualities are good." Asked if that meant the group could conceivably pay a dividend, Jackson added: "I wouldn't rule that out." One element of concern is the tightening of purse strings in the private sector, although neither Jackson nor Hamer were able to predict the potential impact on Access. "Nobody knows (the extent of the cuts) until the spending review comes out. But we are not currently seeing a massive drop off in demand," Jackson said. "People are being more cautious." However renewal rates in March and April were very strong. And Hamer points out that Access contracts are usually relatively modest at around £15,000 and £30,000, so aren't a major cost to the business, and points out the software usually saves costs for the business or government department that buys the product. While the uplift in profits was driven by acquisitions, the underlying performance was robust. Organic revenues grew by 51 per cent, Jackson said, while pre-tax profits almost doubled on a like-for-like basis. 19 July 2010 A good half yearly report:- Highlights: Turnover increased by 63% to £4.1m (2009: £2.5m) Profit before taxation generated by continuing operations was £470,000 (2009: £169,000) Basic earnings per share increased 83% to 0.22p (2009: 0.12p) Cash balance at 31 May 2010 of £2.4m (2009: £714,000) Recurring revenue increased 65% to £2.4m (2009: £1.4m), representing 57% of total revenue Appointment of Howard Sears to the Board in March 2010 following acquisition of Cobent Ltd on 28th February 2010 for £5.2m Sale of Wired-Gov in May 2010 for £142,000 Chairman's Statement I am pleased to announce our results for the 6 months ended 31 May 2010 which demonstrate the Group's continued progress and development, both strategically and financially. Our operating profits in the first half exceeded those of the full year last year and we have made two significant steps towards the alignment of our group activities with our strategy. Results Group revenue was up by 63% to £4,137,000 (H1 2009: £2,543,000), and 25% on a like for like basis. The Group's operating profit before acquisition costs and taxation was £668,000 including Cobent and £725,000 excluding Cobent. This compares to an operating profit of £169,000 in 2009, up 295%. The basic earnings per share is 0.22p (H1 2009: 0.12p) up 83%. The Group is not proposing to pay a dividend. The Group had net cash at the end of the period of £2,424,000 (H1 2009: £715,000). Current Trading The tightening of the public sector purse has undoubtedly begun and will increase in severity over the coming months. Despite this we remain cautiously optimistic that our strategy to focus on the cost saving opportunities offered by our software and the low-cost entry that hosted solutions provide will both contribute to future growth and will, to some extent, shield the Group from spending cuts. We are continuing to invest in our private sector sales and marketing and are confident of the Group's prospects, with new customer wins across all subsidiaries.
howdlep: Access Intelligence is a group of companies delivering a range of business critical support services to private and public sector organisations. The team has extensive experience in making successful acquisitions while simultaneously driving organic growth. Business Philosophy To grow through the acquisition and development of companies providing business critical support services with a strong focus in the following areas: • Strong Recurring Revenues • Cross-Selling Opportunities • Multiple Service Offerings • Leveraging Group Resources • High Customer Retention Rates • Legislative and compliance driven • Quality management teams Clearly the business model of the company has changed rapidly from the days when GE&CR issued their original research note back in September 2008. That is because loss making companies have been restructured, rather than sold, into profitable businesses that have recurring revenue streams. It is to be hoped that GE&CR and/or UKMICROCAP will produce a new research note/updated tip in due course, although I would expect T1PS to make this a full tip once the SF T1PS Smaller Companies Growth Fund complete their stake building. Priced at 4.88p with a market capitalisation of £7.78m this is a business that is due to make a Pre Tax Profit of £400,000 to £500,000 in the year ending November 2009 and at least £1m in the following year. As it is an illiquid stock, with a free float of only 31%, this is one share to buy before a trading update is issued or another acquisition is announced. Trading Update (pending) We maybe due a trading update from the company, as one was delivered on 6 June 2008. Final Results for the Year Ending 30 November 2008, issued 23 March 2009. Highlights Ø Appointment of Michael Jackson as Executive Chairman and David Lowe as Non-executive Director in November 2008 Ø Share subscription raising £1.3m in October 2008 Ø Re-focus of the Group on Software as a Service and significant cost reduction program implemented Ø Acquisition of Solcara Limited and Ray Jackson appointed to the Board in November 2008 Ø Group Turnover of £4.0m (2007: £3.9m) Ø Net cash and bank balances of £717,000 (2007: £833,000) Results (BUT READ ON) Group turnover from continuing activities was £3,967,000 (2007: £3,897,000) The operating loss before impairment on intangible assets and non-recurring expenses was £655,000 (2007: profit £44,000) and the loss attributable to shareholders was £5,876,000 (2007: £92,000).The basic loss per share from continuing operations is 3.59p (2007: 0.04p - loss). The Group has net cash and bank balances of £717,000 (2007: £833,000). The group acquired Solcara Ltd in November 2008 for £750,000 in cash from ArgentVive Plc, who had acquired Solcara in December 2007 for £4.5m. This represented a historic revenue multiple of 0.5x. Its founder Ray Jackson joins the Board as a Non-Executive Director. The Directors are not recommending the payment of an ordinary dividend Strategy At the interims the Group announced that it was intending to sell all its non-software as a service (SaaS) businesses including Willow Starcom, Wired-Gov and The Marketing Guild. Despite considerable interest and after the completion of extensive due diligence, only the sale of The Marketing Guild was completed. The new Board has decided not to sell Willow Starcom and Wired-Gov. These two companies are profitable with strong recurring revenues, and Willow Starcom's balance sheet reflects its enviable status as a strong cash generator. The Board intends to develop Access Intelligence further, with an emphasis on recurring revenues. Our product portfolio offers a strong bedrock on which to build a dynamic and competitive Software-as-a-Service proposition, providing us with sustainable profitability and long term value. Operations Software as a Service Due North has started to see the rewards of its investment in sales pipeline management and marketing at the beginning of the year. Recurring revenues have reached £55,000 per month and it continues to make steady progress in the local authority and emergency service sector in particular. The year has also seen a major upgrading of our core product suite. The company is profitable and with lower costs in 2009 should deliver increased profits. Since its acquisition in November 2008, Solcara's performance has been closely monitored and its cost base considerably reduced. We are pleased to report that the business is performing in line with expectations and that its experienced management team is proving to be an asset to the Group. Recurring revenues have reached £70,000 per month with a continued emphasis on SaaS delivery. The Company offers a diverse product portfolio with a blue chip client base covering the legal sector, industrial companies, Government Departments, Local Authorities and Police Forces. We are enthusiastic about the potential customer cross-selling opportunities between Solcara and the other Group companies, particularly Due North and Wired Gov. MS2M failed to make any major new sales during 2008 although a significant opportunity remained tantalisingly close. Selling into the banking sector over the last 12 months has been very difficult, however increased regulation in the financial services sector for compliance should provide further opportunities. MS2M has recently been rewarded with a major deal at the Royal Bank of Scotland. I would expect this to have a favourable effect on cash flow by the end of Q209. Data Management Willow Starcom had a difficult year. It failed in the first half of the year to deliver sales growth, despite considerable investment in the sales team. The due diligence process through the summer was a distraction. It is to the credit of the management team that the change of policy has lead to a refocused sales effort and reductions in costs. The focus is now on outsourced IT maintenance and support services and recurring revenues now exceed £110,000 per month. The business returned to profit in the 4th quarter and this has been maintained in the current year. Other Wired-Gov made a small profit in 2008 although sales fell slightly as sponsorship proved a difficult sell. Costs have been considerably reduced, and the Company has the potential to add value to other Group subsidiaries, in particular the newly acquired Solcara. Outlook Access Intelligence Plc is in a stronger position than it was 12 months ago; new equity investment, a strengthened Board and a refocused strategy are combining with an increased enthusiasm of the executives of the business. Costs are under close control and will remain so. The Company is profitable and we have significant opportunities available to us during the year. Michael Jackson Chairman SF T1PS Smaller Companies Growth Fund – June 2009 Newsletter And so the rally continues and with it the SF t1ps Smaller Companies Growth Fund continues to prosper – rising in absolute terms and also continuing to outperform "the professionals." We continue to see that there is value in small caps and have therefore added to our holdings meaningfully during the past month. We have added to existing holdings in: Nexus, Lighthouse, Northern Petroleum, Telecom Plus, First Property, Avanti Communications and Access Intelligence. If there is an opportunity to add to holdings in existing investments - where the management team has delivered on what it promised us when investing - at attractive levels we will take it. SF T1PS Smaller Companies Growth Fund – May 2009 Newsletter But assuming that the economy is set to recover during 2010 how are we positioning the fund to benefit? Firstly we believe that our heavy investments since last Autumn in semi cyclicals will pay off. Companies such as Southern Bear, ILX, Interquest, Northern Bear, IQ Holdings and Access Intelligence have enough secure state backed and quasi state backed derived earnings that they were always set to remain profitable during the downturn but as the economy recovers, operational gearing should see a sharp increase in earnings and we expect their shares to be re-rated on the back of increasing earnings forecasts – a double gain for investors. SF T1PS Smaller Companies Growth Fund – April 2009 Newsletter Investment Profile: - Access Intelligence - Why we continue to buy. Access Intelligence was until last Autumn a bit of a basket case. It owned a hotchpotch of IT related businesses but was really a conglomerate rather than a group. The best thing that can be said about it was that it established large losses which can be used to shelter the next 5 year's profits from tax. The world changed when Michael Jackson of Elderstreet and Sage moved in and bought a 29.9% stake (with partners) in a placing at 2.75p which was a huge premium to the then share price. Jackson is no buffoon and he paid that much for a good reason. In fact Jackson 's CV makes him one of the men in IT you really must back. His business partner at Elderstreet is Vin Murria who you will know well from Advanced Computer Software, another stock the fund is backing heavily. Results for the year to November 30th 2008 came out the other day and showed what a mess Access was. Revenues increased marginally to £3.97 million but at an EBITDA level the loss was £655,000 and after non cash asset writedowns and non recurring expenses the headline loss was £4.38 million. But that was then and this is now Jackson has axed some peripheral businesses and as is his wont has slashed costs and tweaked marketing. He has also bought a business called Solcara for £830,000 which looks like an absolute steal. As such he now has a collection of businesses which are as things stand all essentially profitable. He also has net cash of we believe £800,000. The thing is that no-one is buying the shares. This is partly because there is no research out there and the broker (Blue Oar) is in such a mess that it cannot support the stock. It is partly because stocks generally are unloved. And it is partly because investors see a spread of 2-3p and decide not to line market makers pockets by playing the Access game. The SF t1ps fund has taken a different approach and has steadily bought shares month in month out at anywhere between 2p and 2.625p (i.e. always inside the spread). Our purchases have always been small, a few thousand pounds worth here, there and everywhere but the result is that Access now represents just under 2% of the fund and we own just over 2% of Access. So why keep on buying? Firstly we believe in Jackson . Secondly we like the maths. Net cash reduces the risk. Meanwhile we expect pre-tax profits of £400-500,000 in the current year to November 30th 2009 and at least £1 million next year. At 2.5p the company is valued at just under £4 million. So, with a zero tax charge that puts the stock on a November 2010 PE of less than 4 which for a rapidly growing, cash generative business with net cash is far too low. Our plea to market makers is to make the spread even wider. Our plea to brokers is not to publish any research. That way we will continue to build up our stake slowly but surely. Seven and a half hot t1ps for 2009 31 December 2008 3 & 4. I lump both of these stocks together as both are management stories with a common management thread and in the same sector - IT. One stock is a t1ps selection Advanced Computer Software (ASW) and the other a UKMicroCap tip - Access Intelligence (ACC). The former was floated as a cash shell in August, the latter has been an underperforming mini-conglomerate for years. In September Vin Murria took control of the former and a month later Michael Jackson took control of the latter. Vin and Jackson were the driving forces behind Computer Software Group ( an old t1ps success) are are the best consolidators going in IT. Advanced trades at 17.5p valuing it at £33.4 million. It has £15 million cash and one operating business (in healthcare IT) which has historically achieved post tax profits of c£1 million a year on a consistent basis. I understand Murria has already started waving her wand and so I think that this recession proof business should make at least £1.3-1.6 million per annum going forward. So this is a stock trading on an ex cash PE of barely 10. The issue is how that cash is used. I reckon Murria will buy businesses on PEs of 3-5 but having slashed costs the effective PEs will be 2-3. On that basis once here cashpile is deployed, Advanced could be making post tax profits of £6.5-£9 million. This is a growth business with a great management and as such I can see its shares doubling during 2009 when the operating environment favours cash rich consolidators as never before. Over to Jackson. At 2.25p Access is valued at £3.6 million. It has cash of c£1 million. It has businesses which it will sell for £1-1.5 million. Let us use the lower figure. And then with one acquisition already made it has 3 core businesses which should - in the year to November 30th 2009 - generate an operating profit of ( at least) £750,000 and a group pre-tax ( and post tax) profit of £500,000. Obviously as Jackson buys other businesses the proportion of operating profits sucked up by the corporate overhead will fall. But as things stand the core Access businesses are (if one strips out cash and cash that will arrive from disposals) being valued at £1.6 million or just over twice operating profits or a PE of just over 3. Given Jackson's CV, the growth he is starting to deliver and the opportunities for a consolidator the rating is far too low. Third and Fourth t1ps: Buy Advanced Computer Software at 17.5p and Access Intelligence at 2.25p The t1ps Fund Quarterly Newsletter - December 2008 04 December 2008 (16:41:11) The third area we have feasted upon is tech stocks. And in that vein we have bought into Access Intelligence and Advanced Computer Software as well as adding to our holdings in Nexus, IDOX and Formjet. The two new holdings both enjoy very strong cash backing and are the new vehicles of Michael Jackson and Vin Murria respectively. Jackson and Murria performed wonders together at Computer Software and in a sector where there are great opportunities for consolidation, these two executives are those with a proven record of consolidating. The recession will accelerate that process and we are happy to back both Jackson and (more heavily) Murria. We have a few more purchases in the pipeline. But there is no rush. On bad days for the market if we can add to existing hold¬ings at attractive levels we will buy. And we will wait patiently for the inevitable rewards GE&CR Research Note September 2008 (Summary information only) Buy Access Intelligence at 1.625p with an initial 2.95p price target - potential target 5.5p Aim listed Access Intelligence has today announced that Michael Jackson, one of the best names in IT services, is to join the company as its executive chairman and will lead a party investing £1.265 million at 2.75p, a 69% premium to the pre-deal mid-price. Jackson will undoubtedly aim to dispose of non core operations as rapidly as possible leaving Access as a pure play in the Software as a Service sector. Should Access be able to realize proceeds of £1.2 million from selling its non-core units, as we believe to be possible then it will have net cash of £3 million or 1.95p per share. Although results for the year to November 30th will be unimpressive, we believe that the core SAS units could generate operating profits of £400,000 next year and valuing them on a multiple of four times profits we arrive at a base case sum of the parts valuation of Access of 2.95p. However, we believe that with valuations in the sector undemanding, Jackson – who has a proven track record of acquisition and integration – will use this company as a consolidation vehicle and that could be used to argue for a valuation of up to 5.5p. However, at this stage we re-initiate our coverage with a stance of "strong buy" and an initial target of 2.95p. Access is currently a holding vehicle for a group of companies providing subscription based, business critical support to private and public sector organizations. Jackson's career at Sage, Computer Software Group and at Elderstreet Investments has been built in the Software as a Service sector and hence we expect that units involved in compliance and marketing services will be sold rapidly leaving the group to focus on providing software as a service through its Due North and MS2M subsidiaries. Moreover, with private companies in this sector changing hands on multiples of 4 to 5 times operating profits we envisage that Jackson will use the £3 million that he should shortly have at his disposal to act as an aggressive consolidator. Jackson, and his colleague David Lowe who will join as a non executive director, are heavily incentivised to succeed. Under the subscription agreement, Jackson, David Lowe and Elderstreet will collectively own 29.52% of the enlarged share capital. The company also entered into agreements whereby Jackson, Lowe and Elderstreet have been granted options over an additional 23.3 million shares. If all options were exercised, these options would represent an additional 13.01% of the issued share capital so one might assume that, in order to stop a mandatory bid being triggered, the options will not be exercised until additional equity has been issued (which we would expect to go to vendors as part of the acquisition strategy). Jackson will become Executive Chairman of the company and Jeremy Hamer has agreed to stand down as Chairman but remains as a non executive director. Ian Savage will also step down and David Lowe will be appointed as non executive director. The current finance director Colin Davies will keep his job. Access has released a number of profits warnings over the past 18 months and at a headline level this resulted in it recording pre-tax losses in the interims for the first half of the year. Headline numbers are distorted by a high, non-cash, goodwill amortization charge and at an underlying level the company has been profitable for two of its three years as a quoted company and only just missed profitability in 2007. The disappointment at a trading level was largely caused by its MS2M division – which develops compliance software for the financial services industry - suffering major project delays at two of its larger customers. In early August Access warned that the second half of this financial year was shaping up to be no better than the first and that a cost saving programme – designed to net £400,000 was underway. It also flagged that its CEO Brendan Austin was stepping down for health reasons. However there is no disguising the fact that results for the year to November 30th 2008 will be poor – supporters had hoped that Access would book a profit of £250,000 but we now expect a loss to be announced. However Access is a company waiting to be transformed and Jackson is the man to do it. As a base case we value it on the back of net cash post disposals and a conservative multiple of four times forecast operating profits for the Software as a Service businesses – we note that most trade sales of private companies in that sector have been achieved on marginally higher multiples. After the current fund-raising, net cash will stand at £1.75 million. We believe that the sale of discontinuing operations will fetch £1.2 million which would leave a net cash figure of £3 million. The operating profits from Due North and MS2M should reach £400,000 in the year to November 2009 (pre-tax profits of £150,000 will be recorded after a £250,000 corporate charge) and thus our base case valuation is £4.6 million or 2.95p per share. However, as we will explain below, one can see circumstances which could justify a valuation of 5.5p per share and our 2.95p initial target still leaves further upside potential. At 1.625p our stance is buy. Growth Organically and by Acquisition The growth of the business has been both organic and driven by acquisition, as sales have increased in all of the businesses that have been acquired. The most important steps in the development of the business are shown below: • December 2008 Ray Jackson, Non Executive Director signed a subscription agreement whereby he will subscribe for 3,636,364 new ordinary shares at 2.75p per share. Mr Jackson will also have an interest in 3,381,319 options over ordinary shares exercisable at 3.00p • November 2008 Acquired Solcara - a major UK search and information management company • October 2006 Acquired MS2M - a leading developer of compliance software for the financial services sector • October 2005 Integrated Backup and Running within Willow Starcom • July 2005 Acquired Due North Ltd- A leading developer of business software notably eSourcing , electronic tender and contract management • June 2005 Acquired Ridgeway Technologies Ltd trading as Willow Starcom. A specialist company in high availability storage and retrieval systems and networked solutions and support. • December 2004 Raised £2.8m net of costs • December 2003 Acquired Backup and Running Ltd, Wired Gov Ltd and The Marketing Guild Ltd. Admitted to AIM The Group of Companies Compliance Division Due North Due North develops from its base in Newcastle-upon-Tyne, software solutions to solve business problems. Its principle focus is on e-procurement software, which is widely used in the local autority sector. The product suite enables any organisation to manage the complete customer/supplier relationship from initial expression of interest, through tender evaluation, post tender negotiation - using its reverse auction software - to contract award and life cycle management. MS2M MS2M is a developer of compliance software for the financial services industry. 'Virtual Compliance Officer' which is an additional component of the company's core software 'Track Record'. The application monitors individuals' activities within an organisation in real time, and identifies their risk profile from a compliance perspective. Individuals are graded via a traffic light system in accordance with key performance indicators; green for full compliance, amber for moderate risk and red for high risk. In the case of risk identification, remedial advice is offered. The 'Virtual Compliance Officer' is essentially the prime tool for collecting vital RMAR (Retail Mediation Activities Return) information. Clients include RBS Group, National Australia Group, Liverpool Victoria, AXA and St James's Place. Data Management Division Willow Starcom Ltd Willow Starcom supplies mission critical data storage, retreival and network solutions to mid-sized corporate businesses. It sells its services through a reseller channel which Backup & Running Plc Backup and Running provides offsite online data storage and retrieval to small and medium sized enterprises. Customers' data is encrypted to military standard level on site then compressed and stored at world class storage centres in the UK. The process is competely automated and the customers can determine the frequency of the back-up process to suit their own operating requirements. It is an ideal solution for companies with multiple locaitons or field operators using mobile computing. Backup and Running operates from Chorley in Lancashire. Marketing Services and Information Division The Marketing Guild (Now sold) The Marketing Guild, based in York, provides marketing and business development support to small and medium sized businesses (members) on a subscription basis. Members recieve support through practical newsletters and regular training conferences which are held nationwide. They also have access via a helpline to the Marketing Guild knowledge base which contains more than 40, 000 proven ideas, tactics and strategies. Platinum members have their own personal marketing consultant who provides telephone support to an agreed development plan based on the Spectral Marketing model developed exclusively by The Marketing Guild. Wired Gov Wired Gov, based in Stockport Lancashire, provides, under license from the cabinet office, government news alerts from more than 100 departments and agencies. Subscribers can register their preferences by agency, department, key words and phrases. They can determine the frequency of the alerts from immediate to daily or weekly. Typical subscribers in the private sector are financial services organisations and professions. Investor Information Access Intelligence Plc ORD 0.5p Primary Country Listing UK Status AIM Index FTSE AIM All Share Sector Software & Computer Services Activities Software developer; supplier of Software as a Service; data management EPIC ACC Current Price 4.88p Market Cap £7.78m Shares in issue: 159,437,363 Major shareholders Number of shares % Fund managers Elderstreet Investments 23,000,000 14.76 Octopus Asset Management 13,890,000 8.92 Unicorn Asset Management 11,400,200 7.32 Williams De Broe 5,085,000 3.26 Directors Michael Jackson, Chairman 17,545,454 11.26 Shareholders above 3% David Alderson* 8,412,884 5.40 Andrew Unsworth* 6,767,487 4.34 Mark Berry* 6,715,117 4.31 * Denotes director or employee of subsidiary company Total shares not in public hands is 107,613,431 (69.07%) Information Source: Company website SF T1PS Smaller Companies Growth Fund Newsletters T1PS Website RNS official releases
Access Intelligence share price data is direct from the London Stock Exchange
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