24th May 2016 11:05
LONDON (Alliance News) - Investing company Guscio PLC Tuesday has returned to AIM, raising GBP1.5 million in a placing and buying two technology businesses in the sports education space.
Guscio has acquired the two businesses, Sportsdata Ltd and Dataplay Holdings Ltd, for a total of GBP2.5 million, to be satisfied through the issue of 62.5 million shares at a price of 4 pence each.
It has also raised GBP1.5 million through the placing of 37.5 million at the same price.
Allenby Capital Ltd is acting as its nominated adviser and joint broker, and Peterhouse Corporate Finance Ltd is a joint broker.
Shares in Guscio were trading down 12% at 3.51 pence Tuesday morning.
Sportsdata, founded by Gail Ganney - who has taken up the position of managing director at Guscio - has developed a website application for monitoring and tracking physical education in primary school children called Skills2Achieve with charity the Youth Sport Trust.
Ganney also went on to found Dataplay, which has developed a white label technology platform for the tracking and assessment of performance in sports which can be customised for various sports programmes.
Guscio will focus on further developing the businesses current intellectual property, creating a solid and recurring revenue foundation, and will consider complimentary earnings enhancing acquisitions.
"With obesity being a well-documented, rising issue amongst children, we sought to utilise our expertise and specialist skillset to develop a proprietary technology that we believe will provide a better outlook for children across the country, enabling them to live longer, healthier and happier lives. Guscio's two acquisitions of revenue generating technology companies provide the platform from which to deliver this goal," Ganney said in a statement.
"The strong market dynamics, coupled with our proprietary technology and strong partnerships continues to create new opportunities for our expanded group. Having identified the potential of the data repository we are accruing, we hope to be able to capitalise on what we believe is a first mover advantage and generate maximum value for our shareholders," Ganney added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.