Updates

Future / Highbury House - Future bid looks attractive for both parties

March 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Highbury House has agreed to an offer from Future, on the basis of 10 new Future shares for every 83.25 Highbury. Based on the price of 84p for Future, the offer values Highbury at 10p, and contains a partial cash alternative. The enterprise value of the bid is stated at £97m, as Highbury comes with net debt of £64.9m, although this is before the receipt from the sale of Highbury’s B2B business assets which are being sold for £10.2m.Based on Future’s pretax forecast for next year (to 30 September ‘06), which has been upgraded on the back of the deal from £28.8m to £36m (eps up from 6.9p to 8p), it looks attractive for both parties. There is also clearly scope for Future to plea ...

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