Vicorp calls AIM to raise £1.6m
A call centre software company starts trading on AIM today after its shares languished at close to a third of their opening price for almost three years on Plus Markets.
Vicorp, based in Buckinghamshire, joins AIM following a placing of new shares at 4p to raise £1.62m.
'We joined what was then Ofex probably 18 months too early in November 2003,' explained chief executive Brendan Treacy. 'Our shares shot up from the equivalent of 81½p on that first day to 23p within a matter of months.
'Then there was a lack of newsflow from us and a complete lack of liquidity trading the shares in the market. As a result, the price came right back down to 3p.'
Vicorp, which makes call-handling software, mainly for insurance and bank customer-care centres, recently signed a two-year contract with Barclays. At its AIM placing price, it will be capitalised at £7.7m.
'We learned a number of useful things on Plus Markets, not least how to handle investor relations during a down period.' Treacy said. 'Now things look a lot brighter and we wanted new investors.
'Moving to AIM gave us access to a lot more fund managers who cannot invest in Plus stocks. We've seen around 20 ahead of this placing.'
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