News blog

Imaginatik

  • BY: Andrew Hore |
  • POSTED: 23/06/2015 |

Hargreave Hale has thought it wise to sell three million shares in innovation management software provider Imaginatik following the recent share price rise. 

Hargreave Hale still owns 15.6% of Imaginatik. The share price has risen to 7.63p and was as high as 9.13p during the day. On 10 June the share price was at an all time low of 2.63p and it has risen to its highest level for more than one year. Imaginatik recently completed a £504,000 placing at 2.7p a share.

Chairman Matt Cooper acquired nearly 50% of the shares and increased his stake to 27.4%. He had previously lent $250,000 to the company.

The cash was required to keep the company ticking over until it receives its renewal revenues. Ralph Welborn became chief executive at the end of 2014. In the year to March 2015, revenues are estimated to be 15% higher at £3.34m and the loss of £1.4m will be similar to the previous year. Even after the fundraising, Imaginatik is likely to have net liabilities.

At the time of the placing, Daniel Stewart was appointed as broker.

Quob Park Estate, the new vehicle for Rob Terry, he of the competitive eating school of management, has taken a 3.03% stake in Imaginatik. Terry owns nearly 10% of Imaginatik’s new broker Daniel Stewart.

The most recent one million shares were acquired on 19 June for prices between 3.42p and 6.22p. It is unclear whether the rest were acquired in the placing but Imaginatik had previously said they were not aware that it had any shares. Quob Park talks of working with the companies it invests in but this does not appear to have happened as yet.

It is difficult to see what Terry can do with Imaginatik. It is unlikely that he will be able to persuade it to go on one of his acquisition binges given his small stake. His presence on the share register appears to have led to the spurious rise in the share price but it will take a lot of hard work by the Imaginatik management to justify the share price. 

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