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17 Dec 2014 07:00
Atlas Development & Support Services Limited / Ticker: ADSS / Index: AIM / Sector: Support Services
17 December 2014
Atlas Development & Support Services Limited
('Atlas Development' or the 'Company')
Commences Trading on Nairobi Securities Exchange following US$5 million Placing
Atlas Development (AIM:ADSS), the African focussed support services and logistics company, is pleased to announce that its shares have today commenced trading on the Growth Enterprise Market Segment ('GEMS') of the Nairobi Securities Exchange upon completion of a private placement of US$5 million worth of new ordinary shares to Kenyan investors. The Company's shares are now fully tradable on and between GEMS and the AIM Market.
** ENDS **
For further information please visit www.atlassupport.com or contact:
Carl Esprey | Atlas Development | Tel: +44 (0) 20 7408 9200 |
David Foreman | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Rick Thompson | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Richard Greenfield | GMP Securities | Tel: +44 (0) 20 7647 2836 |
Emily Morris | GMP Securities | Tel: +44 (0) 20 7647 2835 |
Edward Burbidge | Burbidge Capital Limited | Tel: +254 20 210 0102 |
Susie Geliher | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Charlotte Heap | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
In October 2014 the Company acquired the entire issued capital of Ardan Logistics Kenya, a cash generative support services business which generated unaudited revenues for the six month period ended 30 June 2014 of US$20.6 million and which has an established client list of major international oil & gas and mining companies operating in East Africa.
Atlas Development's three core divisions are delineated as follows:
· Atlas Technical: civil engineering, workforce accommodation and construction
· Atlas Services: medical and facilities management
· Atlas Logistics: fuel solutions, storage and transportation
Through these three core divisions, Atlas Development provides turn-key support for a range of major oil & gas exploration and development companies operating across East Africa. The market opportunity for a company such as Atlas Development remains highly attractive, and the Board believe there is considerable opportunity to leverage the Company's established position to further capitalise on the rapidly growing oil & gas exploration and development industry in Kenya.
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