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  1. Technology
September 1, 1988


By CBR Staff Writer

Microfilm Reprographics Plc, London EC, has, as reported briefly (CI No 1,005) announced plans to expand its operations to the US by acquiring Atlanta, Georgia-based Computer Microfilm Corp, a publicly quoted US company that converts paper documents and computer-generated data to microfilm, and provides computer output microfilm. The British company, whose products are said to be a mirror image of the US operations, is offering $7.10 per share cash, valuing the Atlanta firm at 18.6m – UKP11m – and is to raise the cash by way of a two-for-11 right issue of over 3.5m new ordinary shares issued at 350p, expected to raise in the region of UKP11.9m. Computer Microfilm claims to be the US’s largest high speed scanning and digitising bureau, employs 340 and made pre-tax profits of $1.3m in 1987 on turnover of $11.8m. It has service centres back home in Atlanta, in Washington, Houston, Indianapolis and in New York City, where it also operates a COM centre in New York under a facilities management contract with a major bank. And if the biggest threat to microfilm is the optical disk, well the company also scans documents, compresses the result and records it on optical disk or tape. The board will recommend the terms to its shareholders and has granted Microfilm options to buy new shares and shares from some existing holders that together would give it 51%. Microfilm Reprographics, floated in 1981, is forecasting that it will report UKP4m pre-tax – up 33%, on turnover of UKP15m, up 31%, for the year to June 30 last; major acquisitions include Datacom Holdings for UKP7.1m in 1985 and FDS Microforms (Holdings) for UKP4.25m in 1986.

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