UXC’s strategic review has led to the appointment of a new managing director as it continues to assess its chances of finding an adequate acquisition party.
In a release to the ASX, the UXC board has determined that its IT group has a value in excess of $300 million, and the Field Solutions Group has a value of around $70 million.
To date, all offers have been conditional and incapable of acceptance, and/or regarded by the board as representing insufficient value to the shareholders compared to the intrinsic worth and internal valuations of the business, the board wrote.
UXC also stated that it is in continued discussions with two interested parties.
In the interim, the services provider has appointed Chris Nicolli as the managing director of UXC. He moves to this role from CEO of the UXC Business Solutions Group.
Geoff Lord will continue as UXC Chairman in a non-executive capacity, and will continue to be UXC’s largest shareholder.
In the statement to the ASX, UXC also announced it will make further appointments in both the Business Solutions Group and Field Solutions Group.
