RM Plc, Oxford has sent Misys Plc away with its tail between its legs despite the fact that Misys was offering a conditional 235 pence a share where RM on Friday set a price for the shares in its placing of only 175 pence. That values the educational computing company at a mere UKP29.5m, only about half annual turnover. RM is issuing just 642,857 ordinary shares to cover the cost of the flotation, while the other 3.2m shares are coming from institutional investors keen to cash in on what has been a very long-term investment for some of them. The shares on offer represent 3.8% and 18.7% respectively of enlarged share capital. The placing is handled by S G Warburg Securities Ltd.
