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‘Misys would be better off if it ditched Sesame’

Misys’ stockmarket value would be increased by offloading Sesame for almost any price, according to analysts.

Bell Lawrie small cap analyst Ian McArthur says he agrees with the sentiment of a recent Cazenove report which has been reported as suggesting Misys stock would be boosted by ditching the IFA network for a nominal fee.

McArthur says by getting rid of Sesame, Misys would become a more complete, less diluted software player, making it more attractive.

This view is endorsed by SG Securities which says the sale of Sesame will make Misys a purer software company, with potential for increased profits.

Earlier this month, Misys’ share value rose after market speculation suggesting that Sesame was about to be sold.

In terms of who would want to take on Sesame, McArthur says a few years ago people were forecasting a 300m to 400m possible float but now it is hard to think of a buyer.

He says no provider would want to buy the network out- right and if there was an attempt to offload it through a management buyout deal, it would have to offer very high performance bonuses and incentives to the new regime.

Rumours have also circu-lated about possible bids for Misys. McArthur speculates whether potential buyers would wait until the network has been sold before bidding or would try to sell Sesame after taking over.

Sesame says it does not comment on market speculation.


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