onExchange confirms it was bidder for Rolfe & Nolan

onExchange, the US back-office technology company, today confirmed market rumours that it made an offer to buy out UK-based financial technology company Rolfe & Nolan. Although Rolfe & Nolan rejected onExchange’s conditional, indicative offer of 85p per share, valuing Rolfe & Nolan at approximately £12.5 million (representing a premium of 50% over the then share price), made at the end of July, onExchange is still considering whether it will make a formal offer for the company.

"We felt it was important, in light of public speculation and the recent rise in Rolfe & Nolan’s share price, to clarify the current relationship betweenonExchange and Rolfe & Nolan, and the recent history between the two companies,” said Richard Jaycobs, chairman and chief executive officer of onExchange.

Credit Lyonnais is acting on behalf of Rolfe & Nolan. Shares in the company have risen from around 73p at the end of November to 77p today, on speculation that the company will be bought by onExchange.

In November, 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.