LONDON--SyQic PLC, a provider of live television and on-demand paid video content across different devices, said Monday it has raised 3.2 million pounds ($5.1 million) in an oversubscribed fundraising, and plans to float on London's junior AIM market next month, but didn't say how the money was raised.
The company is currently focussed on the Asian market but plans to launch in the U.K. at the end of this month, followed by mainland Europe, Indochina, Myanmar, Singapore, Pakistan and Bangladesh. It then plans to launch in the U.S. in the latter part of 2014. It currently has a significant service footprint in the Philippines, Indonesia and Malaysia.
The company has been profitable for each of the past three financial years and its revenue has grown to GBP3.9 million in 2012 from GBP987,000 in 2010. The company made a pretax profit of GBP625,000 in 2012. In the latest three months to September the company generated revenue of GBP1.32 million.
Based on the fund raising price, SyQic is expected to have a market capitalization of GBP14.4 million when it starts trading, which is expected Dec. 2. Allenby Capital Ltd. is acting as adviser and sole broker to SyQic.
Well compared to SOLG and marl the production is even further out on those but they still rerated recently. It all comes down to marketing and I feel that our PR guys are pretty naff. I have spoken to them a couple of times and they don't really understand how to make the company appeal to retail investors like the other two mentioned above
I am not sure if the rise will be that substantial when the next RNS is delivered, reason being the timelines to production. The presentation made it clear, this is for long term investors. Short term investors will jump on the band wagon next week, but not in the numbers we have seen recently.
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