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Press Releases
Adamind IPO raises approximately £15 million at £46.7 million valuation
Publication of Prospectus
Ra'anana, Israel 14 February 2005: - Adamind Ltd. (Adamind or "the Company") announces that it will today publish its prospectus and submit its application for the admission ("Admission") of its ordinary shares ("Ordinary Shares") to trading on the Alternative Investment Market of the London Stock Exchange ("AIM"). Admission is expected to become effective, and trading in the Company's ordinary shares is expected to commence, on 21 February 2005. The Company's ticker will be "ADA".
The Company also announces that it has raised approximately £15 million before expenses, in a placing (the "Placing") with UK institutions, underwritten by Bridgewell, of 11,363,636 new ordinary shares at a price of 132 pence per share (the "Placing Price"). On Admission, the Company will have 35,363,636 ordinary shares in issue and a market capitalisation, at the Placing Price, of approximately £46.7 million. The existing shareholders in Adamind are not selling any shares in the Placing which was significantly oversubscribed.
Rationale for the IPO:
The Directors believe that in order to capitalise on the opportunities available in the Company's markets and enable management to focus its efforts solely on media technologies for the mobile infrastructure, it is appropriate for Adamind to seek to establish an independent identity.
The Directors believe that Admission and the proceeds from the Placing will provide the Company with the financial flexibility necessary for it to build effectively upon its established position as a leader in the media adaptation technology market and to capitalise on the predicted growth of the Mobile Content Services market as a whole.
Bridgewell is the Company's nominated adviser and broker.
Commenting on the Placing, Shailendra Jain, Chief Executive Officer of Adamind said: "We are delighted about the overwhelming response from the institutional shareholders. The proceeds of the Placing will enhance our profile with both current and future customers and give us the resources to materially increase our sales and marketing effort to take full advantage of the forecast growth in the sector."
Eli Reifman, Chief Executive Officer of Emblaze said: "Our early entry into a market that we believed would be bigger than SMS has positioned Adamind as a leading software company that sits in the heart of practically every major MMSC vendors system. This IPO will give Adamind the visibility and incentivise its management and employees to maximize the expected strong growth in their market."
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