News blog
NetServices
- BY: Andrew Hore |
- POSTED: 07/01/2010 |
Converged voice and data services provider NetServices has gained shareholder approval for a small fundraising and future share subscription.
NetServices is raising an initial £116,000 at 3.5p a share. A further subscription of up to £2m at 8.7p a share is dependent on a suitable acquisition being secured in the next 12 months.
Xploite chief executive Ian Smith is subscribing for all the shares and is joining the board. He owned 2.4% of NetServices, which was acquired at share prices between 3p and 3.3p. Following the initial subscription he owns 12.2% of the company.
NetServices admits that it lacks scale and this funding will help it to grow. NetServices had net cash of just over £100,000 at the end of August 2009. There are a number of small competitors and NetServices could be a consolidator.
Revenues fell from £7.1m to £5.9min the year to August 2009. The business swung from a small profit to a small loss.
NetServices has gained accreditation under the Cisco MSCP programme and this is the main focus of the business. Sales cycles are getting longer.
At 4.625p a share, NetServices is valued at £1.52m.
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