12th May 2015 11:32
LONDON (Alliance News) - Satellite Solutions Worldwide Group PLC was admitted to trading on AIM Tuesday, after raising GBP2.3 million through the issue of 50 million shares at 4.5 pence each.
The company had a market capitalisation of GBP13.9 million on admission.
Shares in Satellite Solutions were trading up 8.7% at 4.89 pence early Tuesday afternoon.
The company has been formed via the reverse takeover of satellite broadband services provider Satellite Solutions Worldwide Ltd by Cleeve Capital for GBP5.2 million, satisfied through the issue of 115.4 million shares at the same price.
Following the completion of the reverse takeover, shares in the company were cancelled from the standard segment of the official list of the London Stock Exchange, the company changed its name and was admitted to trading on AIM.
Following admission it will have cash of around GBP5 million, which it will use to grow its subscriber base both organically and through acquisitions.
"We are excited by the opportunity to develop our operations and build on the rapid progress made by SSW to date. The listing will help us take advantage of consolidation in the satellite broadband market as we focus on broadening our customer reach. I would like to thank our investors for their support to date and look forward to updating the market on our progress," said Chief Executive Officer Andrew Walwyn in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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