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Sunday, August 14, 2005 8:35:42 AM
FTS originally planned to raise $20 million, but last month’s terrorist bombings in London forced it scale back its plans.
Tali Tsipori 14 Aug 05 13:37
Formula Vision Technologies Ltd. (TASE:FVT) subsidiary Formula Telecom Solutions Ltd. (FTS) announced on Thursday that it had raised a gross ₤4.2 million ($7.5 million) in an issue of 4.5 million shares at ₤1.20 per share on London’s Alternative Investment Market (AIM), reflecting a market cap of $70 million, after money. Trading in FTS’s share will begin on August 18.
UK investment house Seymour Pierce Ltd. led the issue. Following the issue, Formula Vision’s stake in FTS will probably fall from 50.1% to 44.7%, and it will report a NIS 7 million capital gain in its financial report for the third quarter of 2005.
FTS originally planned to raise $20 million and make an offer for sale in the same amount, but last month’s terrorist bombings in London forced it scale back its plans. “The first bombings occurred on the first day of our road show (July 7), and the second wave of attacks occurred on the last day (July 21),” said FTS chairman Dan Goldstein, the controlling shareholder in Formula Systems Ltd. (Nasdaq:FORTY; TASE:FORT). “Although we had to cancel some of our meetings in the road show, and despite the problematic atmosphere, we decided not to postpone the IPO, which would have forced us to repeat the entire process.”
FTS did cancel the offer to sell.
Goldstein said FTS could have raised more than it actually did, had it been willing to lower its price for the issue. “We didn’t want to cut the price in order to increase the size of the issue. The company value for the issue was therefore that at which we originally planned to hold the issue when we initiated the process,” he said.
FTS was floated at a company value of $62.5 million, before money. Goldstein said, “This is the price we wanted to get for the company.” He added that additional issues were possible in the future, and would include offers to sell by FTS’s shareholders.
Founded in 1997, FTS provides billing and customer relations management (CRM) software solutions and applications, mostly for telecommunications companies. It posted a pretax profit of $5.8 million on $22.7 million in revenue for 2004.
Published by Globes [online], Israel business news - www.globes.co.il - on August 14, 2005
Dubi
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