News blog

Spectra Systems Corporation

• BY: Andrew Hore |
• POSTED: 18/02/2013 |

Bank note authentication technology developer Spectra Systems Corporation says that trading was in line with expectations but a corporate shareholder is taking legal action over a licence income claim of $2.1m.

This contingent liability has been revealed in the 2011 accounts and it relates to the years between 2004 and 2010. Spectra has consistently said that it does not agree with the interpretation of the licence agreement. There was no such agreement revealed in the flotation document back in 2011. That may be because the agreement had come to an end.

At 34.5p a share, Spectra is valued at £15.6m. This is nearly covered by the estimated net cash of $19.6m at the end of 2012, although this is forecast to fall to $17.8m at the end of 2013.

Spectra raised £14m at a placing price of 75.3p a share when it joined Aim in July 2011.

The 2012 figures will be published in April.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2013_41.pdf