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03/04/2002
First Derivatives successfully floated on AIM market
Newry-based company First Derivatives (FD) have successfully floated as a publicly listed company on the AIM market.
The company, which provides bespoke software for the banking industry, have begun trading on the market after it exceeded the £1 million minimum subscription take-up requirement.
This latest news will be a boost to the company which was recognised recently as Ireland’s fastest growing technology company at the inaugural 2001 Deloitte & Touche Technology Fast 50 awards.
The company began releasing shares to the public in February this year, and had exceeded the minimum subscription level of £1 million by the initial closing date. The shares offer has now been extended to 30 April and the company is set to issue up to 4,000,000 new ordinary shares 50p per share.
FD plc hope that, assuming full subscription, the offer will raise approximately £1,560,000 after expenses. The new ordinary shares issued will represent about 29 per cent of the enlarged issued share capital and the directors will retain the remaining 71 per cent.
Tracey Pierce, head of the London Stock Exchange's new business development team for Northern Ireland and the Republic of Ireland, said: "I'm pleased to welcome First Derivatives as the first company from Northern Ireland to join AIM this year. AIM was developed to specifically cater for the needs of fast-growing and innovative companies – a category that First Derivatives, as winner of last year's Deloitte & Touche Fast 50 in Ireland, certainly falls into."
The company has also extended its joint consulting and implementation partner agreement with Kx Systems Inc – a market leader in software products. The new deal means that FD plc will now sell Kx products North American and Asian financial institutions in addition to its existing customers in Europe.
From 1998 to February 28 2001, FD has seen its turnover rise from £396,000 to over £1.8 million with its pre-tax profits rising from £256,000 to £605,000 for the same period.
(GMcG)
The company, which provides bespoke software for the banking industry, have begun trading on the market after it exceeded the £1 million minimum subscription take-up requirement.
This latest news will be a boost to the company which was recognised recently as Ireland’s fastest growing technology company at the inaugural 2001 Deloitte & Touche Technology Fast 50 awards.
The company began releasing shares to the public in February this year, and had exceeded the minimum subscription level of £1 million by the initial closing date. The shares offer has now been extended to 30 April and the company is set to issue up to 4,000,000 new ordinary shares 50p per share.
FD plc hope that, assuming full subscription, the offer will raise approximately £1,560,000 after expenses. The new ordinary shares issued will represent about 29 per cent of the enlarged issued share capital and the directors will retain the remaining 71 per cent.
Tracey Pierce, head of the London Stock Exchange's new business development team for Northern Ireland and the Republic of Ireland, said: "I'm pleased to welcome First Derivatives as the first company from Northern Ireland to join AIM this year. AIM was developed to specifically cater for the needs of fast-growing and innovative companies – a category that First Derivatives, as winner of last year's Deloitte & Touche Fast 50 in Ireland, certainly falls into."
The company has also extended its joint consulting and implementation partner agreement with Kx Systems Inc – a market leader in software products. The new deal means that FD plc will now sell Kx products North American and Asian financial institutions in addition to its existing customers in Europe.
From 1998 to February 28 2001, FD has seen its turnover rise from £396,000 to over £1.8 million with its pre-tax profits rising from £256,000 to £605,000 for the same period.
(GMcG)
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