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Synchronica
- BY: Andrew Hore |
- POSTED: 21/07/2010 |
- COMMENTS: Add yours
Mobile email and instant messaging technology provider Synchronica plans to take over Canadian rival iseemedia Inc and gain a quotation on the Toronto Venture Exchange (TSX-V).
The acquisition will add four contracts to Synchronica’s 40 contracts. The new contracts are in India and south east Asia. All the additional contracts generate monthly user fees. The addressable market will be 853m potential subscribers.
The purchase will also bring technology for streaming download of email attachments.
Synchronica is offering 4.03 shares for each share in TSX-V quoted iseemedia Inc (http://www.iseemedia.com). At the current Synchronica share price it values loss-making iseemedia Inc at £4.92m.
Synchronica plans a 15-for-one share consolidation. An application will be made for a TSX-V quotation and the company will remain quoted on Aim.
The acquisition is dependent on Synchronica raising between £1.95m and £4.54m from a placing. The minimum amount is being pledged by the parent company of the Canadian adviser to the deal. The sale of a non-core business of iseemedia Inc is also required.
The shares fell 0.17p to 1.58p each, which values Synchronica at £13.3m.
Download the July edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2010_10.pdf
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