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SerVision

  • BY: Andrew Hore |
  • POSTED: 19/08/2009 |

SerVision is raising £300,000 at 9p a share.

The shares are trading at 14.5p a share, values the CCTV and video technology developer at £4.33m.

Chairman and chief executive Gidon Tahan invested £50,000 in the placing and his stake is 22.7%. 

Revenues grew from $4.1m to $4.73m in 2008, with the growth coming from outside of Europe. The loss was reduced from $1.48m to $1.06m. There was a small profit in the second half.

Israel-based SerVision had net bank debt of $850,000 at the end of 2008 and it also had a loan from the office of the chief scientist of $991,000.

SerVision received £924,000 of the £1.02m raised at 20p a share in October 2008 but the rest was not paid. The shares had fallen to less than one-third of the placing price after the placing was announced. The remaining shares have been issued to nominated adviser and joint broker Allenby Capital in consideration for its services over the coming 18 months. 

Old Park Lane has been appointed as joint broker.

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