21st January 2008
Coda plc says it has received an indicative approach from Unit 4 Agresso N.V. The approach is subject to a number of pre-conditions including the satisfactory completion of due diligence and financing.

The Board of CODA says it has considered the approach, which was made in December and concluded that a limited due diligence exercise should proceed.  This exercise is at an advanced stage although it stresses there is no guarantee of any offer being made for the Company. Were such an offer to be made it is expected to be funded by Unit 4 Agresso's existing cash balances and debt finance.

If the deal goes ahead CODA and Unit 4 Agresso would create one of Europe 's top ten business software vendors, with turnover in excess of €300m (based on 2006 published figures) and operations in nineteen countries.

A further update is expected before the end of the month.