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SRV Sirvis

160.00
0.00 (0.00%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sirvis LSE:SRV London Ordinary Share GB00B23PRH18 ORD 40P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 160.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 160.00 GBX

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Date Time Title Posts
20/3/200817:21SiRViS-
11/2/200807:51sirvis220

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Posted at 11/2/2008 07:51 by hotfinance14
SiRViS IT PLC
11 February 2008


SiRViS IT plc

Interim results for the six months ended 30 November 2007

SiRViS IT plc ('SiRViS IT' or the 'Company'), which provides a range of IT
services including support, consultancy and systems installation across the UK,
announces its interim results for the six months ended 30 November 2007.

Highlights

Basis of reporting

Results reported are prepared based on the recognition and measurement
principles of the International Financial Reporting Standards (IFRS) for the
first time; comparatives have been restated.

• Revenue up 51% to £5.3m (2006: £3.5m)

• Operating profit before share based payments, amortisation of
intangible assets and exceptional items up 32% to £577,000 (2006:
£437,000)

• Statutory operating profit up to £518,000 (2006: 183,000)

• Acquisition of Technology Management Group Ltd in May 2007, fully
integrated in July 2007

• Adjusted earnings per share before share based payments, amortisation
of intangible assets and exceptional items up 6% to 12.02p
(2006: 11.32p)

• Recurring revenues percentage to turnover 80% (2006: 80%)

• Share consolidation (1 new ordinary share for every 40 existing
shares) effective September 2007
Posted at 09/10/2007 05:28 by hotfinance14
Received a new share certificate today....consolidation time.
Posted at 11/9/2007 14:18 by tiltonboy
I bought 25000 and moved the price.

WINS did the earlier business, with both sides of the trade done at the same price. MM's all want some of the action but can't find stock.

tiltonboy
Posted at 03/9/2007 09:50 by tiltonboy
Looking at the brokers forecasts the shares are still too low. I tried to buy stock at around 3.25p, but found them very well bid, even on a bad day. There were some meaty buyers around at the time.

If they deliver on forecasts then I think you could justify a price double this, but the company has been accident prone in the past, and it may take some time to get a market rating.

tiltonboy
Posted at 31/7/2007 09:49 by johnyee7
After share consolodation they'll only have 3.3 million shares in issue.
Posted at 30/7/2007 07:22 by mjcrockett
Yes, good results, but no reaction from the share price. The shares seem very cheap to me.

MJ
Posted at 12/6/2007 11:18 by hotfinance14
SiRViS IT plc



SIGNIFICANT SHAREHOLDER NOTIFICATION






SiRViS IT plc was informed on 6 June 2007 that Universities Superannuation
Scheme Ltd now holds 7,490,448 ordinary shares of 1p each, representing 5.67% of
the issued ordinary share capital.

12 June 2007
Posted at 22/12/2006 10:43 by hotfinance14
SiRViS IT PLC
20 December 2006



SiRViS IT plc (the 'Company')



Holdings in Company




Dated: 20 December 2006



The Company received notification on 15 December 2006 that Barnard Nominees
Limited currently holds 14,563,920 Ordinary Shares of 1p each in the capital of
the Company, representing 12.77% of the issued share capital of the Company.



Enquiries:


Mark Lewis 01773 825516 SiRViS IT plc Chief Executive

John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser





This information is provided by RNS
The company news service from the London Stock Exchange
Posted at 11/12/2006 19:51 by orange1
Receipt of an approach



Date: 11 December 2006



SiRViS IT plc (the "Company") announced earlier today that it is in receipt of
an approach from K3 Business Technology Group PLC ("K3") to acquire the Company
at an indicative cash price of 4p per share, subject to a variety of
pre-conditions and assumptions.



The announcement was made with the approval of the Board of the Company, but was
not made with the agreement or approval of K3. There can also be no certainty
that an offer will be made nor as to the terms on which any offer might be made.
Posted at 23/11/2006 11:38 by tp100
SiRViS IT PLC
23 November 2006
SiRViS IT plc

Proposed Acquisition of Technology Management Group Limited and related
Proposals
Date: 23 November 2006

The Board of SiRViS IT plc ('the Company' or SiRViS IT) which provides a range
of IT services including support, consultancy and systems installation across
the UK is pleased to announce that on 23 November 2006, the Company entered into
an agreement to acquire the issued share capital of Technology Management Group
Limited ('TMG'), a company that offers a range of contracted IT infrastructure
services. The aggregate consideration for the acquisition is approximately £2.1
million, which will be paid in cash. The acquisition and associated costs will
be funded by a placing to raise £2.2 million with Oryx International Growth Fund
Limited, a discretionary investment management client of North Atlantic Value
LLP. The acquisition is conditional, inter alia, on the Takeover Panel granting
a waiver under Rule 9 of the Takeover Code for the placing and on shareholders
approving the waiver in general meeting. Further details of the acquisition and
the waiver are set out below.

Subject to the grant of the waiver referred to above, the Proposals will be set
out in a circular to be sent to shareholders of the Company which will provide
information on the Proposals and recommend all shareholders to vote in favour of
the resolutions to be proposed at the Extraordinary General Meeting. The
Proposals to be set out in the circular will include, inter alia, a share
consolidation, grant of new options and a reduction in the share premium account
to enable the Company to pay dividends out of future profits.

The circular is expected to be dispatched to shareholders shortly.

Highlights

• SiRViS IT to acquire TMG for approximately £2.1 million in cash;

• proposed fund raising of £2.2million (before expenses) via a placing
of New Shares with Oryx International Growth Fund Limited;

• it is proposed that Christopher Mills, a director of J O Hambro
Capital Management Group Limited and of Oryx International Growth Fund
Limited, joins the Board;

• share consolidation on a 1 for 10 basis;

• following the share consolidation, at the placing price of 30p per New
Share, the Enlarged Group will be capitalised at approximately £5.6
million; and

• current trading remains in line with market expectations.

TMG offers a range of IT services including an IT helpdesk and managed services
for small to medium sized enterprises and larger organisations nationwide. The
Directors believe that the acquisition of TMG should enable the Group to
increase recurring income from the provision of IT services to new and existing
market sectors and enhance the Group's gross margins.



Information on TMG



The business

TMG was established in 1983 following a management buy-out of the services
division of Hamilton Rentals. The management buy-out was led by Bob Brittaine,
the current Managing Director, who controls 49.9% of the issued share capital of
TMG. TMG offers a range of contracted IT infrastructure services including
hardware maintenance, network management, software support, and remote system
monitoring. It also provides consultancy and project management services, such
as software rollouts and upgrades as well as product sales for its customer
base. TMG has also built successful relationships with leading technology
companies and has major accreditations.



Customer profile

TMG has established contracts with a number of blue chip customers, enabling it
to have visibility of future revenue streams. TMG's blue chip customers cover a
variety of market sectors across the UK. As at the end of August 2006 the top 5
customers and the top 20 customers account for approximately 60% and
approximately 85% respectively of the contracted maintenance base.



Financial summary



The financial information set out below is extracted from the audited statutory
financial statements of TMG and its subsidiaries for three years ended 30
November 2003, 2004 and 2005 and the audited non-statutory financial statements
for the nine months ended 31 August 2006.


Placing

In order to fund the Acquisition and associated costs the Company is proposing
to raise £2.2 million by way of the Placing of 7,406,666 New Shares with Oryx
International Growth Fund Limited a discretionary investment management client
of North Atlantic Value LLP at 30p per New Share (equivalent to 3p prior to the
proposed share consolidation). The Placing Shares to be issued will represent
39.37 per cent of the Company's issued share capital as enlarged by the
Proposals. The Placing Shares will be credited as fully paid in cash and will
rank pari passu in all respects with the Existing Shares.

The Placing will be conditional, inter alia, on the grant of the waiver of Rule
9 of the City Code by the Takeover Panel, the passing of the Resolutions at the
EGM, completion of the terms of the Acquisition Agreement and Admission of the
Placing Shares to AIM.

Current trading

The SiRViS IT Group

Trading in the first four months of the current financial year has continued the
positive trends established in the last quarter of the previous financial year
and the improvements in margin achieved in that period has been maintained.
Trading accordingly remains in line with market expectations and the Directors
look forward to the remainder of the financial year with confidence.

TMG

Trading since 31 August 2006 has been in line with TMG's current expectations
and its pipeline of sales prospects remains positive.

The Enlarged Group

Following integration into the Enlarged Group, TMG is expected to contribute
positively to the Enlarged Group results in the financial year to 31 May 2008.

Prospects for the Enlarged Group

The acquisition of TMG is part of the Group's strategy to develop the business
by:

• acquisition of complementary businesses;

• further organic growth from the Group's enlarged customer base; and

• building on both companies reputation to attract new customers.

Proposed non-executive Director

Following completion of the Placing and Admission, Christopher Mills will join
the Board.

Christopher Harwood Bernard Mills

Christopher Mills is a director of J O Hambro Capital Management Group Limited,
is chief executive officer and investment manager of North Atlantic Smaller
Companies Investment Trust Plc, a director and investment manager of Oryx
International Growth Fund Limited and is a member and chief investment officer
of North Atlantic Value LLP. He is also chief executive of American Opportunity
Trust Plc. Prior to joining J O Hambro Capital Management Limited he worked from
1975 for Samuel Montagu Limited, Montagu Investment Management Limited, and its
successor company, Invesco MIM, until 1993. He was a director of Invesco MIM and
held positions as head of North American Investments and head of North American
Venture Capital. In addition he is a director or a non executive director of
numerous UK companies which are either now or have in the past five years been
publicly quoted companies.

Directors and employees share options

It is proposed that the existing 5,889,574 Existing EMI Options granted to
Directors and employees will be cancelled. However the Directors consider share
options a necessary and important way of rewarding, retaining and attracting key
Company personnel. Consequently it is proposed that the Directors be authorised
to grant New Options over the authorised share capital of the Company in an
amount not exceeding 1,881,330 New Shares.

The Directors propose to grant the following New Options:

1. Mark Lewis be granted New Options to subscribe for 700,000 New
Shares; and

2. Ian Bailey be granted New Options to subscribe for 700,000 New Shares.

The balance of New Options to subscribe for 481,330 New Shares are to be granted
to current and future employees of the Enlarged Group at the discretion of the
Remuneration Committee. All New Options will, be granted at the prevailing
market price in accordance with the rules of the scheme and the exercise of
which will be subject to performance criteria approved by the Remuneration
Committee.

The Options over the New Shares expire ten years following the date of grant and
will not normally be exercised for three years from date of grant.

Concert Party

In regard to the Placing on the terms set out in this document, the Panel has
agreed that J O Hambro Capital Management Group Limited (a designated member of
North Atlantic Value LLP), North Atlantic Value LLP (as investment manager to
Oryx International Growth Fund Limited) and Oryx International Growth Fund
Limited, are deemed to be acting in concert in connection with the Placing and
that they are not acting in concert with any other party.

Following Admission of the Placing Shares, the Concert Party will own in
aggregate New Shares representing approximately 39.37 per cent of the Enlarged
Share Capital.

North Atlantic Value LLP is a part of J O Hambro Capital Management Group
Limited and is the fund manager of Oryx International Growth Fund Limited.

The City Code

The Panel has been consulted by ARM Corporate Finance Limited on behalf of the
Company to agree that it will not require the Concert Party, individually or
collectively, to make a general offer for the shares in the Company which might
otherwise arise as a result of the Placing, subject to the waiver of Rule 9 of
the City Code being passed on a poll by the independent Existing Shareholders.
Allotment of Placing Shares

For the purposes of the Code and assuming that the Placing is duly completed,
the Placing Shares are allotted and Admission becomes effective, the Concert
Party only holdings in the Existing Shares and the New Shares are the 7,406,666
New Shares subscribed for by Oryx International Growth Fund Limited by way of
the Placing, representing 39.37per cent of the Enlarged Groups issued share
capital.

Details of the proposed Share Consolidation

For administrative convenience the Company proposes to reduce the number of
shares in issue by consolidating its issued ordinary share capital on the basis
of one New Share for every ten Existing Shares held at the Record Date.

Reduction of Share Premium Account

The Company wishes to be in a position to pay dividends on Ordinary Shares out
of future profits. However, by reason of the provisions of the Companies Act
1985 it would be unable to do so without first eliminating the deficit on its
profit and loss account. It is therefore proposed that the share premium account
of the Company be reduced and the reserve produced by this reduction will,
subject to the approval of the Court, be applied in eliminating the deficit on
the Company's profit and loss account. While it is not envisaged by the Board
that the conditions for the payment of dividends will arise until some time in
the future, eliminating the deficit at this time is an important step and will
enable the Company to pay dividends as profits become available.

The reduction of share premium account requires the approval of shareholders by
special resolution and in addition the approval of the High Court. Accordingly,
as soon as practicable after the passing of this resolution, the Company intends
to apply to the High Court for the reduction to be confirmed.

Dividend Policy

The Directors have resolved that as and when the profits of the Enlarged Group
so permit, the Company will begin paying dividends out of such profits.

Whilst initially dividends might be modest, the Directors intend to adopt a
progressive policy subject always to the need to retain sufficient earnings to
fund future growth. The Directors believe a commitment to a progressive dividend
policy is supportive of good corporate governance and financial discipline.

Admission to AIM

Application for Admission will be made for the Consolidation Shares and the
Placing Shares to be admitted to trading on AIM as soon as practicable following
the Record Date.

Extraordinary General Meeting

In order to give effect to the Proposals the Resolutions need to be approved by
Existing Shareholders in general meeting. A notice convening the Extraordinary
General Meeting to be held at the offices of Taylor Wessing, Carmelite, 50
Victoria Embankment, Blackfriars, London, EC4Y 0DX will be included in the
Circular to be posted to Shareholders shortly.

Recommendation

The Directors consider that the net proceeds of the Placing, estimated to amount
to £1.94 million after expenses, are essential to provide the necessary working
capital for the Group to acquire TMG and to provide a sufficiently strong
financial base from which to continue to build the business and enable it to
move forward successfully in the future.

The Directors, who have been advised by ARM Corporate Finance Limited, consider
the terms of the Proposals and the Waiver of the obligations under Rule 9 of the
Takeover Code to be fair and reasonable so far as Existing Shareholders as a
whole are concerned. In providing advice to the Directors, ARM has taken into
account the Directors' commercial assessment.

The Directors will recommend Existing Shareholders to vote in favour of the
Resolutions to be proposed at the EGM as they intend to do or procure to be done
in respect of their own and their connected persons' beneficial shareholdings.

Enquiries:


Mark Lewis 01773 825516 SiRViS IT plc Chief Executive

Ian Bailey 01773 825516 SiRViS IT plc Finance Director

John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser



Updates on the Company's activities are regularly posted on its website
www.sirvisit.co.uk


This information is provided by RNS
The company news service from the London Stock Exchange
Sirvis It share price data is direct from the London Stock Exchange