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Brady heading private after Hanover offer

Snapshot

The company provides trading and risk management software for the Commodity and Energy markets covering the entire trading operation

Data stream

Quick facts: Brady PLC

Price: 18 GBX

AIM:BRY
Market: AIM
Market Cap: £15.01 m
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• Provides trading and risk management software
• Management has recommended a deal to take company private
• Offer from Hanover is worth 10p per share 

What Brady does

Brady PLC (LON:BRY) provides trading and risk management software for the Commodity and Energy markets covering the entire trading operation from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined metals, soft commodities and agricultural products.

The company says it has 200 customers worldwide, including some of the largest global financial institutions and corporations.

How it's doing

In February, Carmen Carey became the company’s new chief executive while its executive chairman Ian Jenks switched into a non-executive role

Carey previously served as chief operating officer (COO) of artificial intelligence company Unbabel and a former winner of the Bronze Stevie Award for Most Innovative Woman of the Year in Technology, one of the world's top honours for female executives.

In October, Brady received a takeover offer from finance group Hanover pitched at 10p per share and valuing the group at £8.3mln.

in November, Hanover agreed to provide Brady with £1.25mln to boost its working capital with another £2.75mln to come if its takeover is accepted.

Hanover’s founding partner, Matthew Peacock, said the take-private deal will help Brady “drive growth and deliver best in class products and services”.

Inflexion points

  • Completion of Hanover takeover after the shareholder meeting.
  • Offer is recommended and has been declared unconditional

 

 

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Watch

Brady Plc's new CEO Carmen Carey outlines 2019 strategic objectives

Brady PLC's (LON:BRY) new CEO Carmen Carey spoke to Proactive London following the release of its 2018 results. The fintech, which underwent a restructuring and management overhaul last year, posted adjusted underlying earnings (EBITDA) of £2.6mln, compared to a loss in 2017 of...

on 25/3/19

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Form 8.3 - Brady plc

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Form 8.5 (EPT/NON-RI)

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