UK Content Management provider Mediasurface has this morning announced that it has become a publicly traded company on the AIM market of the London Stock Exchange (ticker MSR).
The transaction, handled by brokers KBC Peel Hunt, is now complete and admission to the market secured with £2m in funding being raised. The pre-money valuation of the company was £7.2m and the post money £9.2m. Shares for the participating investors were priced at 12p each.
In the year ending 30 September 2001 following the collapsing dot.com boom, the group incurred losses of £23.3 m. Subsequently a radical restructuring of the cost base of the business was undertaken, during 2002 a new management team was installed and since then has achieved a turnaround of the group and developed a new smart client software solution, Morello, for the market. Mediasurface has successfully been through a period of recovery and today has a positive balance sheet.
There is little doubt that the stock market conditions are unfavourable at the moment and many flotations are being postponed or cancelled. It is testimony to Mediasurface’s successes to date that it not only succeed in floating, but that its major investors (3i, Elderstreet, Index) have pledged their support by further investing in the company.
Lawrence Flynn, CEO of Mediasurface said of the announcement: “The flotation means that Mediasurface is now positioned to become the success I know it can be. We have already achieved great things through the turnaround of the business and the massive strides we have taken in product innovation. We now have the financial resources and credibility to ensure we fully exploit our opportunity.”
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