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Microgen is proposing a tender offer to repurchase and cancel up to 24.99 per cent of its shares at between 40p and 50p per share. The board will also seek authorisation to repurchase a further 14.99 per cent and anticipates distributing 25 to 35 per cent of the group's pre-tax profits as dividends in future. Board members will not be selling shares under the tender offer. Trading is in line with expectations although management are mindful of the difficult environment.
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With shares at 36p, and management proposing to buyback at 40p to 50p, they remain good value.
Last IC view: Good value, 52p, 17 July 2008.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
