Followers | 144 |
Posts | 27707 |
Boards Moderated | 3 |
Alias Born | 02/07/2004 |
Tuesday, March 07, 2006 2:39:57 PM
Formula Telecom Solutions’s management is now meeting underwriters, and will reportedly decide on the structure and scale of the issue in a few weeks.
Tali Tsipori 7 Mar 06 15:09
Sources inform ''Globes'' that Formula Systems Ltd. (Nasdaq: FORTY; TASE: FORT) subsidiary Formula Telecom Solutions Ltd. (AIM:FTS) plans to hold a secondary offering in London in a few months.
FTS’s management is now meeting underwriters. The company will reportedly select an underwriter and decide on the structure and scale of the issue in a few weeks. FTS has a market cap of $55 million.
FTS went public in August 2005, shortly after the double terrorist bombings in London, which unsettled the City. Investors worried about the security situation in the British capital forced FTS to reduce the size of its IPO and to cancel its planned offer for sale. The company ultimately raised $7.5 million at a company value of $70 million.
FTS is again approaching investors while its share is traded at a substantial discount, compared with its IPO price. The share is currently traded at ₤0.955, 20% below its IPO price of ₤1.20. The company reportedly plans to exploit the secondary offering to expand the number of its investors by distributing some shares to investors in the US. The last Israeli company to do this was Orpak Industries (1983) Ltd. (AIM:ORPK).
Although FTS chairman Dan Goldstein, who is also chairman and controlling shareholder in Formula, has now chosen to hold a secondary offering in London, with an eye on the US capital market, he will probably try his luck in the US in 2007, by issuing FTS on Nasdaq.
FTS provides software solutions and billing and customer relations management (CRM) applications. Founded in 1997, Formula Vision Technologies Ltd. (TASE: FVT) currently owns 44.7% of FTS.
Published by Globes [online], Israel business news - www.globes.co.il - on March 7, 2006
Dubi
Recent FORTY News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/19/2024 12:26:14 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/09/2024 04:20:22 PM
- Formula Systems Reports Second Quarter and First Half 2024 Financial Results • GlobeNewswire Inc. • 08/20/2024 11:44:38 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/20/2024 11:37:22 AM
- Publication of Draft Agreement with Trustee for Potential New Israeli Debenture Series • GlobeNewswire Inc. • 08/05/2024 02:15:18 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/05/2024 11:10:30 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/11/2024 12:39:24 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/20/2024 11:19:04 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 10:55:32 AM
- Formula Systems Reports First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/22/2024 10:29:49 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/22/2024 10:08:51 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/15/2024 09:00:08 PM
- Formula Systems Announces Filing of 2023 Annual Report • GlobeNewswire Inc. • 05/15/2024 08:58:44 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/09/2024 04:33:48 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 05/06/2024 10:02:25 AM
- Formula Systems Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 03/19/2024 11:08:06 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 08:16:25 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 02:59:22 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 05:40:12 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/31/2024 01:02:28 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/30/2024 01:14:07 PM
- Formula Systems Reports Third Quarter and Nine Months 2023 Financial Results: • GlobeNewswire Inc. • 11/22/2023 12:00:06 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/22/2023 11:08:48 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM