Security Research Grp (AIM:SRG) – great results and fantastic tender offer
Security Research Group plc (formerly PSG solutions) is a somewhat unusual mix of businesses but we like it a lot; the latest tender offer at a 109% premium to the share price is an event in itself
The Group comprises Specialist Electronics consisting of Audiotel International Limited and its subsidiary Security Research Limited, Property Information Services Businesses (‘PSG’) and Moore & Buckle (Flexible Packaging) Limited (`M&B’). Specialist Electronics now dominate the Group’s business but this has only been the case since May 2011. On the 10th May 2011 the following 2 line announcement altered things entirely: “PSG Solutions plc announces that a subsidiary company has been awarded a contract by a Government Department with a total value of £11million.” To understand the significance of this, for the year ending March 2010 total Group revenue was only £11m…