Edison Investment Research - SciSys PLC Flash note: Banking covenants position is resolved

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Edison Investment Research

Flash note: Banking covenants position is resolved

In June, SCISYS revealed that it had been hit by cost overruns at a fixedprice
development project. Also, as a result of the weak euro and the
subsequent consensus forecast cuts, SCISYS said it might be in breach of
its UK banking covenants. Following negotiations with the groupâ€™s UK
banks, the covenant issue has now been favourably resolved. This is
partly due to the groupâ€™s strong balance sheet, which includes the freehold
property on its Chippenham HQ. Consequently, this leaves the shares
looking attractive to investors, with the stock trading below book value.

07/09/2015 1 EN

Underlying

SciSys PLC

SciSys designs and delivers bespoke software systems, customized product solutions and professional services. Co. has four divisions: Space, which combines work for space institutions in specialist research and development with marketing and delivers commercial off-the-shelf software, and bespoke software solutions to commercial space operations; Enterprise Solutions & Defense, which creates software systems across defense, security and maritime, government and emergency services, and commercial business groups; Media & Broadcast, which provides radio broadcasting solutions, the dira! software solutions suite; and Xibis Ltd, which is a software house focuses on web and mobile-app solutions.

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GB0001520757 Berlin Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Flash note: Banking covenants position is resolved

SCISYS Group - GBP23m of new business since mid-December

SCISYS - Strong H1 but more balanced year is expected

SCISYS - An â€œimpressive startâ€ to 2018

The Pebble Group - Two distinct businesses in one

MotorK - Strong pipeline and cash target reaffirmed

Newron Pharmaceuticals - Evenamide notches up another win (study 008A)

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SCISYS - An â€œimpressive startâ€ to 2018