Location-based software and services provider 1Spatial completed its reversal into IQ Holdings on 19 October.
At 67.5p a share, following a consolidation of 1,000 existing IQ shares into one new 1Saptial share, the company is valued at £14.3m.
An all-share offer of 16.345 consolidated shares for each share in the acquired business gave its 29 shareholders 90% of the enlarged group.
Management blames delayed contract decisions for a fall in revenues from £8.4m to £8.01m in the year to June 2010. Gross margins fell but 1Spatial reduced its admin costs. Pre-exceptional profit fell from £366,000 to £248,000. These figures do not include discontinued activities.
One of the reasons for floating is it gives 1Spatial the ability to make acquisitions.
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