Summary
BLACKROCK UK Special Situations fund has cut its exposure to specialist software and service provider Micro Focus International. The fund cut its holding in the business from 3.15% of shares to 2.86% or 5,742,449, worth Pounds 17.62 million at yesterday's price of 307p, up 2.7% on the day. The BlackRock UK Special Situations fund is managed by the company's head of small and mid-cap investment, Citywire A-rated stock-picker Richard Plackett. Micro Focus allows businesses using old IT support systems to update hardware to use modern applications such as BlackBerry. In a bullish interview with Bloomberg last week, chief executive Stephen Kelly said he was intending to expand its sales force by 42% this year, sending the share price up an immediate 7.9% to 300p. In interim results in December, the company said it had achieved profit growth of 39% in the six months to end of October, and had Pounds 28.42 million on balance sheet for acquisitions.
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