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The purchase of Next on multiples much more aligned with an industrial means that this new SaaS offering looks very interesting in valuation terms. £15m cash position as a result of this deal and the tender offer.

The remaining Checkit business will have a c. The potential for growth for the products which cover for example, temperature control, building systems monitoring, food safety monitoring and hospital needs is not fully reflected in the current share price. Bespoke hardware and software currently already serve the health, life sciences, food retail and leisure industries. In English that means that paper checklists are no more. Note: Elektron Eye Technology still sits alongside the main part of the business but this will be sold as it is non-core.Ĭombined, the existing Checkit offering plus Next’s brands, Tutela and Axon offer a solid and very interesting growth area in real time operations management systems. In May he bought Next Control Systems which has neatly slid into position to affirm the new business proposition now that the hugely successful Bulgin has been peeled off. The Checkit part of the business has been the focus for Keith Daley the Executive Chairman this year. So what’s left of EKT now that Bulgin is no longer a part of the company? Well the clue is in the imminent name change to Checkit plc (ticker change to CKT LN). More details about this will be announced later this Autumn.

The interesting part here is that to return the cash to shareholders EKT will undertake a 2 for 3 tender offer at 65p. The total received was £104.7m however, after adjustment for expenses and the settlement of the LTIP liability, net proceeds are c. Elektron Technology (EKT) have finally completed on the sale of Bulgin to Equistone Partners Europe.

Checkit tutela