Microgen buys stake in SciSys

SciSys is an old established UK systems developer with particular emphasis on space, utilities, defence, government, communication, business services and transport. They have revenues of c£26m and a market cap. of c£10.6m.

Just thought you might be interested in the 'timeline' leading up to today's stake building by Microgen:

26th Sept 06 - Coda and SciSys ‘demerged’. Scisys opened trading at 110p.

15th Sept 07 - SciSys (share price now 59.5p) announced the acquisition of German-based VCS, a supplier of IT services to the broadcast and space sectors, for €16.7m.

13th Nov 07 - SciSys (share price now 47p) announced “the resignation of Mark Hampson as its Chief Executive Officer with immediate effect. Dr Mike Love, the current Non-Executive Chairman of SciSys and former Chief Executive Officer, will be assuming the role of Executive Chairman with immediate effect.”

1st Apr 08 - SciSys Plc (share price now hits low of 25p) reports a pretax loss of £2.6m, compared with a profit of £532K, on revenue up just 1% £25.6m. The company said it has suspended the payment of a final dividend for the year ended Dec. 31 2007, and that it plans to utilise the cash within the business.

SciSys also said the margin in some of its current market sectors is challenging and that it is moving to higher margin work within those market sectors and into adjacent more profitable market sectors

1st Apr 08 - SciSys. said executive chairman Mike Love bought 700,000 shares at 21.5p, lifting his stake to about 4.22m shares or about 15% of the company.

2nd Apr 08 - SciSys said Philip Taylor has lifted his stake in the company to 1m shares, or 3.5%

4th Apr 08- SciSys says it has received informal indications that a "significant stake" has been acquired by one of its trading partners. (Later reveiled as Microgen buying 3.21m shares)
"The company notes the recent movement in its share price and confirms that it as received informal indications that a significant stake in the company has ben purchased by one of its trading partners." The group added that at the current time, there are no discussions taking place with regards to a potential offer by this company, or any other third party.

8th Apr 08 - It is announced that Microgen has taken a 12.89 percent stake in Scisys (share price closes 7th Apr 08 on 35p)