Patsystems to raise £1.5m in placing

Patsystems to raise £1.5m in placing

London screen dealing firm Patsystems is raising up to £1.5m in a placing of 10 million shares of one pence each at a price of 15 pence per share.

AIM-listed Patsystems says the shares have been placed with institutional investors and a UK venture capital trust.

Patsystems says the placing is in response to institutional demand following its recent interim results. The firm recently reported reduced first half losses of £0.55m, down from £1.85m in H1 last year. Revenue was at £7.7m, a 45% increase from £5.3m a year ago, although this was boosted by the inclusion of hardware on a contract with the Tokyo Grain Exchange.

The vendor also said it was also looking to move into the credit derivatives/structured finance market with the acquisition of loss-making firm Tamesis Limited.

Commenting on the placing, Kevin Ashby, CEO of Patsystems, says the placing will provide "some additional liquidity for the market in our shares on a scale that we believe will not be dilutive, and should ultimately be accretive."

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