News

Gladstone board stands firm against Constellation

14 November 2008 07:56:00

Gym membership software developer Gladstone has again rejected a 25p per share offer from Constellation, stating that it the company is worth a lot more.

"Gladstone is a market leader in the UK Health & Leisure sector, and has already demonstrated its capabilities in the rapidly emerging Education Facilities Management Solutions sector," Said Ziai, chairman and chief executive of Gladstone, said.

The bid from Canadian firm Constellation followed its purchase of 13.86m shares, or 28.84% of Gladstone, in March,

Ziai added that Gladstone's cash balance alone is worth 9.5p per voting Gladstone share while the benefits of Gladstone's significant investment programme have not yet flowed into the trading results of the business.

Gladstone's profits rose to £1.76m in the year to August on sales up 4% to £9.55m. Underlying profits rose by 15.5% to £1.91m.

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