Internet hosting services provider Daily Internet is the latest company planning to move from ISDX to Aim.
Cheshire-based Daily Internet (www.daily.co.uk) was formed in 2006 and joined Plus-quoted (ISDX) on 10 March 2008 when it raised money at 10p a share. This autumn £550,000 was raised at 2.2p a share and a few months before £583,000 was raised at 2p a share. This cash will help pay for the move to Aim.
Managing director and founder Abby Hardoon used to run hosting business Magic Moments, which is currently part of Daisy Group. He still owns 17% of Daily Internet.
Daily Internet has more than 50,000 internet hosting customers and is the 13th largest supplier of .uk domains. The company plans to widen the range of services it offers to include cloud-based services.
The ownership and management of data centres is being considered. This could be via acquisition or development of a Greenfield site. That would require a significant investment and a much bigger fundraising.
In the six months to September 2012, revenues increased from £702,000 to £764,000 but Daily Internet remains loss-making.
The current ISDX share price of 3p would value Daily Internet at around £3.6m – similar to the valuation at the time of its flotation on Plus-quoted.
The plan is to join Aim on 14 January 2013.
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