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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
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