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  • BY: Andrew Hore |
  • POSTED: 19/10/2010 |

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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