Management poised for technology buyout

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The Independent Online

The management of AT Communications, an Alternative Investment Market technology firm, is expected to table a buyout offer for the firm this week.

Led by chief executive Alex Tupman, who founded AT in 1999, management is thought ready to table an offer to shareholders of around 40p to take the company private.

The shares closed at 22.95p last Friday, up 3 per cent on the day. However, AT's share price has halved in just over a year.

Cenkos, the company's broker, is said to be advising the management team on its attempted buyout.

Results for 2007 at the Harlow-based AT, which employs around 500 people, showed turnover up by 63 per cent to £88.4m, while pre-tax profits grew by 35 per cent to £6.2m.

The company revealed earlier this month that it had signed a three-year deal with Cable & Wireless that would boost revenues by more than £5m.

A spokesman for AT did not return calls.