This is the fresh face of (Worthington Nichols), although the two are similar - there are striking differences - mostly in the reality of Management to their position.

The name-change was needed "...to avoid their earlier guise hampering business ..." ( my words) - although I am not so sure. . . . . however, the website and attitude of Mangement appears to make good sense . . . . . .
. . . . despite a small % fall in sp today - - - - 7.8 / 8.15 pence is about as low as should go! That's Hope!

Expect some "charges" to appear and then let's see what Management can do!

Website: www.managedsupportservicesplc.com

Good luck to
...all who sail in her.

The Board of MSS is pleased to announce it has today completed the sale of the Group's Compliance Division for an agreed gross consideration payable at completion of 3.85 million.

The Group expects to receive net cash of 3 million following adjustments for working capital and the settlement of inter group balances. The Division has been sold to Capita Symonds, a trading division of The Capita Group Plc.

The services offered by the Compliance Division were the consultancy based provision of Health & Safety advice and the provision of Water Treatment monitoring and legislative compliance with water related legislation. The core of the Division was the Health & Safety unit, with the Water Treatment unit being a start up operation, which commenced in late 2010.

The Health & Safety unit on a stand alone basis reported an adjusted operating profit of approximately 670,000 for the 12 months to 31 March 2011, on turnover of approximately 2.33 million.

The Water Treatment business incurred small losses for the initial trading period to 31 March 2011 on turnover of approximately 400,000, but is now profitable.

The disposal has been undertaken by way of a business and assets transfer. Net assets of the relevant businesses as at completion were approximately a negative balance of 300,000, prior to consideration related adjustments to working capital.

The Division had a headcount of approximately 30 staff, representing some 10 per cent. of the Group's total headcount prior to disposal. The turnover of the Compliance Division was expected to represent approximately 10-12 per cent. of the Group's current year turnover.

The proceeds of the disposal will be used to fund the continued development of the Group's much larger Building Services division.

The Board undertook the disposal because the Group is not of sufficient scale to fund the development of two divisions by acquisition and has therefore elected to concentrate the Group's management and financial resources on the growth of the Building Services division.

Goodnight to a sorry saga, will there be a bone left for shareholders to nibble on?

http://moneyam.uk-wire.com/cgi-bin/articles/201111181819024146S.html

Not necessarily. This board are reasonably adept at finding new opportunities and making the most of them. It looks like they have taken the air con + buildings maintenance part of the company as far as they can. Now with the cash for the transfer of assets, they may be able to find a new direction for MSS. Certainly hope so, as not really much point in any of us long term holders taking the cash now.

StockMarketWire.com
Rentokil Initial has exchanged contracts with Managed Support Services (MSS) for the acquisition of its building services division, MSS Facilities Management for a cash consideration of up to 6.5m (subject to a net asset adjustment at completion). The proposed sale is conditional upon the approval by the Company's shareholders in general meeting.

The Division, which has 200 employees, has an approximate annual turnover of 22 million and operates from two principal trading sites in Manchester and London.

Sold too cheaply maybe?

Result of General Meeting
Further to the announcement of 18 November, MSS confirms that all resolutions were passed at the Company's General Meeting held earlier today. As a result, the Company expects the disposal of MSS Facilities Management Limited (comprising the Building Services Division of the Company) to complete today.

StockMarketWire.com
Managed Support Services says disposals made this year were well-timed.

In its Interim Results for the six months ended 30 September 2011, the company pointed to the sale of Compliance Division for £3 million and the sale of Building Services Division for a headline price of £6.5 million

The company introduced a new Investment Policy adopted following disposal of all trading companies. The Board said it was maximising cash and reducing costs whilst actively pursuing investment opportunities

Commenting on the results, Simon Beart, Chief Executive said: "We believe the disposal of the Group's trading activities was well timed given the worsening trading environment and the very poor outlook for the Building Services sector.

Deferred consideration settlement

The negotiations with Rentokil Initial plc in respect of the final deferred consideration receivable by MSS in respect of the sale of the Group`s Building Services division ("the Division") in December 2011 have now been concluded. The deadline for agreement was 5 March 2012, absent which the parties would have appointed an independent arbitrator.
The Board regarded the process of arbitration as highly uncertain, whilst also incurring further potentially material cost, as well as delay.
The additional net proceeds have fallen far short of the Board`s expectations, primarily as a result of the unforeseen cancellation of one of the Division`s largest maintenance contracts just prior to the relevant deadline of 5 March 2012. This cancellation had the effect of materially reducing by far the most substantial element of the deferred consideration.
The Board will now make the final outstanding payments to the secured loan note holders and immediately thereafter will consult with the Group`s few remaining creditors.
However, in view of the above, the Board regards the equity value of the company to be negligible. Further announcements will be made in due course.

So, that's just the "AIM-Listing" of any value, eh?

Perhaps they should tout around Plus and see if any takers want a leg-up into the Mighty AIM Market...... a kinda Joint venture where MSS keeps out of it.

This is a long way from those happy days with W-Nichols . . . . . Grr.
EDIT: MSS had a bad hand to start with, compliments WM,

CAPITAL REORGANISATION & NAME CHANGE - "The Company has announced the proposal to enter into a Company Voluntary Arrangement, undertake a Capital Reorganisation and to change its name to Kennedy Ventures plc, subject to shareholder approval at the forthcoming General Meeting to be held on 25 May 2012.
Terms: Capital Reorganisation: each existing Ordinary Share of GBP0.01 each will be subdivided into 1 new Ordinary Share of GBP0.0001 and 1 new Deferred Share GBP0.0099. Name change: all securities under managed support services plc will change issuer name to Kennedy Ventures plc. Additional Information: If the CVA is not approved, the Directors believe that the only alternative would be for the Company to be placed into liquidation. For the avoidance of doubt, the CVA would not result in any distribution being made to the Shareholders of the Company"

---so is that another "New Name" after only a few years? - It looks like it . . . What will "Kennedy Ventures" have that eluded MSS, other perhaps than bad contracts, old stock - and a business sector that was on hard times?
I'm guessing we get "new shares" for old; but any new money will be a "welcome dilution"....