Companies

1Spatial

Overview

Location software and services provider 1Spatial joined Aim when it reversed into IQ Holdings on 19 October 2010. IQ joined Plus-quoted/Ofex in 2005 at 8.5p a share. On 29 November 2007, IQ moved to Aim and raised 850,000 at 2p a share. It ran into financial difficulties and sold off its market research operations, becoming a shell in the process. Following a consolidation of 1,000 existing IQ shares into one new share there was an offer of 16.345 consolidated IQ shares for each 1Spatial share. On the day of the announcement the existing IQ shares rose to 0.08p each, which valued the enlarged company at 15.3m. The core of the 1Spatial business was part of fully listed Laser-Scan Holdings, which was acquired by Aim-quoted marine navigation products supplier Yeoman Group after a contested 14.1m bid in 2000. Yeoman, which was subsequently acquired by Trafficmaster, placed Laser Scan into administration in 2003. The administrator sold the business to its management in July 2003. Management paid 45,000 for the assets and a commission of 5% on sales of the ongoing business for the first 12 months of operation subject to a claw-back of costs relating to past employees.

Sector: Technology

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