UK: Cambridge geospatial data specialist, 1Spatial, is joining London’s AIM market through a reverse takeover, subject to shareholder approval being given at a general meeting on October 18. The company is reversing into AIM-quoted shell IQ Holdings.
The new enterprise will be called 1Spatial Holdings. Based on a share price of 0.05p per existing IQ share at close of business on September 30, the offer values the entire issued share capital of 1Spatial at GBP 9.54 million. Currently private, 1Spatial was established in 1969 as a spin-out from a Cambridge University research group. It has evolved into an industry-leading provider of geospatial supply chain solutions. These solutions are based on standards (such as W3C; ISO ITC/211 and OGC) and through the use of master data based on geometry deliver higher returns on investment for spatial data users.
1Spatial has earned numerous awards including the No.1 AIDU (Royal Air Force documents unit) and the Property Registration Authority, Ireland. The company has had significant success in the UK and Ireland, mainland Europe and Asia Pacific and the priority focus will remain on these territories.
The current directors of 1Spatial – Nic Snape, Dr Mike Sanderson, Peter Bullock, Duncan Guthrie and Steve Berry – will replace IQ’s David Marks, Russell Darvill and Julian Green on completion of the deal. Marcus Hanke, CEO at Avisen plc and a non-executive director 1Spatial, will also be appointed to the board as an independent non-executive director.
David Marks, chairman of IQ Holdings, said, “We have been looking at potential acquisition candidates for some time and we believe 1Spatial offers our shareholders a significant opportunity. “1Spatial’s management has a wealth of experience within the data sector and has steadily grown the business, both organically and through acquisition. The company has a proven financial track record and a solid business model which we believe offers considerable growth potential.”
IQ completed the disposal of its two remaining trading businesses, Rosslyn Research Limited and Viewpoint Field Services Limited, on February 1. That effectively rendered it a cash shell and an investment company under AIM rules. It was then required to make an acquisition or have its shares suspended.
Source: Business Weekly