News blog

SerVision

• BY: Andrew Hore |
• POSTED: 21/07/2014 |

Digital security systems developer SerVision has raised £624,000 on the back of a new distribution agreement in China. 

The shares have been issued at 5.2p a share – a 73% premium to the then market price. The previous fundraising was at 6p a share and back in 2011 cash was raised at 8p a share. At the end of 2009, the placing was at 12.5p a share. That placing was preceded by two placings at 9p a share. At the end of 2008, money was raised at 20p a share. These placings raised more than the current market value of SerVision.

The share price rose 0.75p to 3.75p, which values SerVision at £2.57m. Net debt was £1.67m at the end of 2013.

A newly established company will focus on marketing and distributing SerVision technology for mobile security applications in China. The company will have exclusivity in China until June 2016 and has committed to at least $2.5m of orders over the period. The initial order is worth $500,000 and $272,000 has already been paid in cash. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2014_58.pdf