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SureTrack Monitoring

  • BY: Andrew Hore |
  • POSTED: 16/02/2012 |

SureTrack Monitoring is selling its eponymous asset tracking business to its chief executive in order to concentrate on IBP, which provides security products for retail and cash-in-transit businesses.

SureTrack Europe operates a GSM-based asset tracking service using its own monitoring platform. The core customer base is the owners of construction vehicles and plant but it can also be used by owners of other vehicles and assets with a high value.

Will Hirons, who is stepping down as group chief executive, and Deborah Davis are acquiring SureTrack Europe for £188,000. The group has a call option to acquire their shareholding in the group, at 0.16p a share, for the same total amount. An intercompany loan of £1.3m will be written off. A loan facility of £23,000 will be provided to assist with an onerous contract. Hirons will not be compensated for stepping down as chief executive.

The board believes that focusing on IBP will provide a better future for the group. IBP recently won a €160,000 order to supply anti-raid cash protection systems to an Eastern European Post Office. This contract covers 40% of the customer’s sites. A follow-on contract is expected.

IBP generated revenues of £87,000, out of a group total of £280,000 in the six months to July 2011. Its revenues were lower but the loss from IBP was almost halved to £57,000.

At 0.17p a share, SureTrack is valued at £1.21m. SureTrack raised £1.42m, or £1.16m after costs, at 0.6p a share in conjunction with joining Aim – at the placing price SureTrack was valued at £3.96m. Hirons has retained options at 0.6p a share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf

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