Followers | 145 |
Posts | 27561 |
Boards Moderated | 3 |
Alias Born | 02/07/2004 |
Sunday, July 10, 2005 5:30:50 AM
10.7.2005 / 09:27
Efrat Neuman
The Formula Systems (TASE: FORT, NASDAQ:FORTY) group company Formula Telecom Solutions, which provides billing and services for telecoms operators, plans to list in London early August at a market value of about £50 million ($87.6 million).
FTS plans to raise £11 million to fund growth from its listing on London's junior AIM share market, while existing shareholders will sell another £11 million of shares, the company said on Wednesday. Stockbroker Seymour Pierce is adviser for the offer.
The company sells to mobile, fixed line and other operators and targets companies with more than 5 million subscribers in developed markets and smaller operators in emerging markets.
FTS is owned by Formula Vision Technologies (TASE: FVT), which is controlled by Formula Systems, one of Israel's largest software companies with revenue of about $450 million last year. Founded in 1997, Herzliya-based FTS made a pretax profit of $5.8 million on turnover of $22.7 million in 2004.
Formula had first announced its intention of floating FTS in London back in April, after abandoning plans to make it the first Israeli floated in Singapore.
The biggest shareholder in FTS is Tel Aviv-listed Formula Vision Technologies (TASE: FVT) (51%). FTS' chief executive Amos Sivan owns 16%, before the offering; he should be making about $3 million from it. After the offering Sivan will be left with $8 million worth of shares.
The Shoshan and Slook families each own 11%. They also own shares in LeadCom Integrated Solutions, which was also floated in London. After the initial public offering on AIM, the Shoshans and Slooks will each be left with $7.5 million worth of FTS stock.
http://tinyurl.com/b668d
Dubi
Recent FORTY News
- 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
- Formula Systems Reports Second Quarter and First Half 2023 Financial Results • GlobeNewswire Inc. • 08/17/2023 10:45:48 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/17/2023 10:35:09 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 08/17/2023 10:02:05 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 08/07/2023 10:18:56 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 06/29/2023 12:38:17 PM
- Formula Systems Reports First Quarter 2023 Financial Results: Revenues for the First Quarter Increased by 3% Year Over Year to a Record-Breaking $670.4 Million • GlobeNewswire Inc. • 05/23/2023 11:22:05 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM