Rolfe & Nolan receives bid approach

Shares in Rolfe & Nolan have been trading at around 20% higher since late last week (now at 73.44p), and its board confirmed that it has “received an approach that may or may not lead to an offer being made for the company”.

US-based OnExchange, which provides software for banks, brokerages, exchanges, and clearing houses, is rumoured to be the interested party. But a Rolfe & Nolan official refused to comment on any aspect of a possible bid.

Earlier this month, Rolfe & Nolan announced that half-year operating profits dropped by almost half to £602,000, from £1.19 million in the equivalent period last year. Turnover in the six months to August 31 2002 was also down at £10.7 million against £12 million in 2001.

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