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ASX 200 rises, TechnologyOne climbs, Milton up

An acquisition by TechnologyOne was a highlight from the ASX 200.
The post ASX 200 rises, TechnologyOne climbs, Milton up appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) rose by 0.5% to 7,523 points.

Here are some of the highlights from the ASX:

TechnologyOne Ltd (ASX: TNE)

TechnologyOne announced today that it has agreed to buy Scientia Resource Management, a UK company servicing the higher education sector.

The deal is expected to cost £12 million, including an initial payment of £6 million upfront and further payments based on achieving progressive earnouts to FY23. It will be paid from cash funded from “internal sources”.

Scientia provides mission critical software for over 150 leading universities across the UK and Australia.

The TechnologyOne CEO Edward Chung said:

The acquisition forms part of our strategic focus to deliver the deepest functionality for higher education and it will accelerate our growth and competitive position in the UK as well as have significant benefits in the Australian higher education market.

The acquisition further expands our global software as a service (SaaS) enterprise resource planning (ERP) solution for higher education. The integration of the Scientia’s advanced academic timetabling and resource scheduling capabilities, combined with our market leading student management, HR and payroll, enterprise asset management and finance capabilities, will provide smarter decision-making eliminating underutilisation of space and resources that is paramount for higher education across the globe in a post-COVID world.

The TechnologyOne share price went up 3% today, making it one of the better performers in the ASX 200.

Cimic Group Ltd (ASX: CIM)

Cimic announced that it has been granted two contract extensions for planning, maintenance and shutdown services in Western Australia.

The contract extensions are expected to generate revenue to UGL of approximately $160 million.

One of the contracts is for a leading oil and gas company including planning and execution of mechanical, electrical, instrumentation, access, insulation, coatings and fire protection.

The other contract extension for the ASX 200 share is for maintenance, projects and shutdown services for a leading oil and gas company for assets for the north west of Western Australia including onshore and offshore operations.

Cimic executive Chair and CEO Juan Santamaria said:

UGL has the workforce and expertise to support the full spectrum of structural, mechanical, piping, electrical and instrumentation services for the resources sector. We’re proud to contribute some of the nation’s most advanced gas production systems and the delivery of energy solution for all Australians on behalf of these leading oil and gas companies.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) and Milton Corporation Limited (ASX: MLT)

The ASX 200 share Soul Patts and Milton have agreed on an exchange ratio for Milton shareholders.

Milton shareholders will receive 0.1863 Soul Patts shares for every Milton share they own if the scheme is approved.

The Milton independent board committee has reiterated its recommendation that shareholders vote for the deal. The independent expert has concluded, and has continued to conclude, that the scheme is fair and reasonable and in the best interest of Milton shareholders.

This deal values Milton at $7.18 per share, based on the Soul Patts share price of $35.76 on 2 September 2021, including the value of the fully franked special dividend, the fully franked Milton final dividend and the Milton shareholder eligibility for the Soul Patts final dividend.

Milton said the deal represents a 5.6% premium to Milton’s share price, a 25.9% premium to Milton’s pre-tax net tangible assets (NTA) and a 48% premium to Milton’s post-tax NTA as at 2 September 2021.

The post ASX 200 rises, TechnologyOne climbs, Milton up appeared first on The Motley Fool Australia.

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More reading

Here are the top 10 ASX 200 shares on Friday

Here are the 3 heaviest traded ASX 200 shares this Friday

Cimic (ASX:CIM) share price nears a 6-month high following contract extensions
Why Metalstech, Mineral Resources, TechnologyOne, & Webjet are storming higher

ASX Tech shares are lagging behind the ASX 200 on Friday

Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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