CMS WebView to raise £2.5 million in placing

CMS WebView to raise £2.5 million in placing

UK market data technology firm CMS WebView is seeking to raise up to £2.5 million through a proposed placing of 30 million new ordinary shares.

The subscription price of any new shares to be issued under the proposed placing has not yet been agreed, but is expected to be less than 15.25p, the vendor's mid-market share price at the close of business last Friday.

CMS says the number of shares actually allotted may be significantly less than 30 million depending on, inter alia, levels of demand and the subscription price agreed with new investors.

The funds will be used to market CMS' Transactional Data Interface (TDI) product to the US market, where the company has recently won contracts with the Chicago Mercantile Exchange and the Chicago Board of Trade.

The company, which saw its share price rise at the end of last month on the back of a batch of sales for DTN Market Access's ProphetX price display system for energy and commodity traders, is reporting a further three clients for the package, against which it has exclusive licensing rights. CMS has now signed a total of 15 new clients, including Fortis Bank and Olam International since July 2003 when it began fully marketing the product in the UK.

CMS estimates the target market for ProphetX to be worth £200 million per annum in Europe.

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