SureTrack makes its move on AIM
SureTrack Monitoring, based in Kenilworth, is to transfer from a Plus Market quoted company to AIM following a £1.4m market move.
The electronic asset protection and recovery services provider will issue 236,066,670 new ordinary shares at 0.6p per share to raise the funds. Admission and trading in the new ordinary shares is expected to occur on 3 August 2010.
Who advised?
Merchant John East Securities and Bridge Hall Stockbrokers advised SureTrack on the deal.
Insider comment
Established in 2002, SureTrack specialises in recovering tracking devices along with the assets they are fitted to. The firm, which has a wide blue chip client base, including Ford UK and Network Rail, grew in 2009 with the acquisition of Surrey-based security systems provider IBP group.
Last month, the company secured a sought-after contract with Ford UK, through which the company would supply all Ford UK dealers with its tracking device, in a deal worth £1m.
Although the company posted an increase in revenue to £671,500 in its year-end results to January 2010, its operating costs increased substantially to £1.16m – attributed in part to the IBP acquisition.
