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RNS Number : 3440F

Spinnaker Opportunities PLC

17 May 2017

 

Spinnaker Opportunities Plc

 

First Day of Dealings

 

17 May 2017

 

Spinnaker Opportunities Plc (the "Company" or "Spinnaker") is pleased to announce that it has raised £1.2 million in an Initial Public Offering ("IPO") on the Main Market of the London Stock Exchange.

 

The IPO, which comprised a Subscription and a Placing, was oversubscribed and comprises 24,000,000 New Ordinary Shares to be issued by the Company at 5p per Ordinary Share together with one Warrant to subscribe for one new Ordinary Share at 7.5p per new Ordinary Share.  Gross proceeds were £1.2 million and net proceeds £1.07 million.  The board has invested an aggregate of £310,000.

 

Admission of the issued share capital of 26,000,120 Ordinary Shares to the standard listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange will take effect, and dealings will commence, at 8.00am today under the ticker "SOP" (ISIN: GB00BYQCS703).

 

Commenting on today's announcement, Andy Morrison, Chairman, said: "We are delighted with the support we have received for our IPO and would like to thank all our new shareholders for their interest and participation. We are now very much looking forward to building and assessing an inventory of opportunities in order to progress our strategy of making a single material acquisition as quickly and as effectively as possible."

 

Further information can be found on the Company's website at www.spinnakeropportunities.uk.

 

ABOUT THE BUSINESS

 

The Company's main aim is to generate an attractive capital return to its shareholders by achieving valuation uplift upon an acquisition and associated Reverse Take-Over transaction and by selecting a target business that has significant further value and growth potential following acquisition.

 

ABOUT THE COMPANY

 

The Company aims to create a quoted vehicle modelled according to the best practices that the founders have seen. This means for example:

 

·      The founders and their associates have invested £535,750 of the initial capital through the subscription. This aligns the interests of shareholders and the board.

 

·      No cash fees will be paid to the directors or the retained advisers (details of whom are set out below) prior to completion of a first acquisition. This helps to ensure that future decisions by the board will be based on their interests as shareholders, in full alignment with other shareholders.

 

·      Legal, financial and commercial work will be conducted in-house by the directors and retained advisers to the extent that they have the necessary capabilities.

 

STRATEGY

 

·      Spinnaker will seek a single, material opportunity as its first acquisition.

 

·      It will seek and consider opportunities either that amount to effective exit upon first acquisition or which may involve a limited period (max 2 years) of operation and growth prior to an effective exit.

 

·      A higher proportion of opportunity deal flow is expected to arise from energy and process industries, but other sectors will also be considered if within the experience set of the founders.

 

·      The founders of Spinnaker will provide only such direction and management as may be required for the ongoing business to succeed after its first acquisition.

 

The Company has an inventory of opportunities but does not have any specific acquisition under consideration at the current time. Following admission, the Company expects to engage in substantive negotiations with possible target companies and businesses with a view to concluding an acquisition as expeditiously as possible.  The consideration for the selected acquisition is likely to be funded through the issue of shares to the vendors of the target business. 

THE BOARD AND RETAINED ADVISERS

The Board

Andy Morrison (Chairman)

Mr Morrison has a background in strategic business development. He worked for Shell for 17 years and subsequently for BG Group. Since 2007, Mr Morrison has devoted his time to managing and developing junior public companies including Xtract Energy Plc, Silvermere Energy Plc and Zeta Petroleum Plc, an ASX quoted firm with operations in Romania. He has also advised Highlands Natural Resources Plc and Zenith Energy Ltd, both of which are listed on the Standard List.

Jonathan Bradley Hoare FCA (Finance Director)

Mr Bradley Hoare is a chartered accountant with over twenty years' experience in financial management and corporate advisory services.  Mr Bradley Hoare owns his own accounting practice, Welbeck Associates Limited, and over the last 20 years he has formed over 100 companies on behalf of Welbeck Associates many of which he served as a director on formation.

Tony Harpur (Director)

Mr Harpur joined Shell in 1978 on their graduate scheme. After 23 years with Shell, Mr Harpur joined BP in 2000 to take over its Middle East crude oil desk and in 2003 he moved back to Dubai to be BP's Vice-president for Integrated Supply and Trading for the Middle East and India. In 2006 the Oman Government and Vitol set up a new joint-venture energy trading company named Oman Trading International ("OTI") and Vitol recruited Mr Harpur to be the first CEO of the company. Mr Harpur retired from Vitol and OTI in 2011.

Richard Liddell (Director)

Mr Liddell has a background in upstream oil and gas resource evaluation, development and production and electrical power project development.  He has worked for Phillips Petroleum Company BG Exploration and Production and Premier Oil Plc.  He is an experienced public company chairman and director including former chairman of Falkland Oil and Gas Limited and is currently Senior Non-Executive Director of Sound Energy Plc. 

Retained Advisers

David Bott

David is Chairman of Oxford Biomaterials and a Non-Executive Director of Oxford Advanced Surfaces Group. He originally qualified with a degree in Polymer Science and pursued an early career amongst major industrial firms including BP, Courtaulds and ICI rising to the role of Director of Group Technology at ICI. He was a founder and then Director of Innovation Programmes at the UK Government's Technology Strategy Board from 2007-2013.

Michael Doherty

Michael (Mike) is Chairman of Impact Oil and Gas Ltd, an exploration company with a focus on Africa. He started his career in the seismic industry and was a co-founder of Merlin Geophysical Company Limited in 1979.  Since then Mike has been CEO of a number of E&P companies with global operations including Ardmore Petroleum, Tuskar Resources PLC and Trans-Dominion Energy.  Along with the Directors, Mike has made a significant personal investment in Spinnaker.

 

ENQUIRIES

 

Spinnaker Opportunities Plc

Andy Morrison

07980 878561

 

SP Angel (Financial Adviser and Broker)

Lindsay Mair

Caroline Rowe

020 3470 0470

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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Neville Registrars is delighted to welcome Spinnaker Opportunities Plc as the newest addtion to its list of client companies.

Spinnaker Opportunities was incorporated on 17 November 2016 with a view to creating a cash shell to be listed on the main board of the London Stock Exchange, Standard List segment and thereafter to seek an acquisition of a material business opportunity which is likely to constitute a Reverse Takeover (“RTO”).

Further information can be found on the Company's website: http://www.spinnakeropportunities.uk/

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RNS Number : 0526F

Solid State PLC

15 May 2017

 

 

RNS Reach

 

15 May 2017

 

Solid State plc

("Solid State", the "Group" or the "Company")

 

Opening of state of the art Antenna

Development, manufacturing and test facility in Leominster

 

Solid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, advanced antenna products, communications systems and battery power solutions to the electronics market, is pleased to announce the opening of its new Steatite Antennas development, manufacturing and test facility in Leominster, Herefordshire.

 

The Antennas business unit at Steatite was created through the acquisition of Q-par Angus Limited in May 2013.  Since the acquisition, the unit has developed ever more complex antenna solutions for its global client base through technological innovation and advanced design.  To support the growth of Steatite Antennas and to enable advancements in antenna testing, the operations moved to the new site in January 2017.

 

The new facility has been purpose built to enable the design, manufacture and testing of complex systems and contains a specialist near-field RF test chamber large enough to accommodate antennas with dish dimensions up to 3 meters in diameter.

The site was opened by the current Conservative Party candidate for North Herefordshire, Bill Wiggin.

Commenting on the opening, Matthew Richards, MD of Steatite, said:

"This is a world-class facility, incorporating some of the most advanced near-field testing capabilities in the UK. It represents a significant investment by the Company into its antennas business and will enable Steatite to remain at the cutting edge of antenna design, manufacture and testing."

 

For further information please contact:

 

Solid State plc	01527 830 630
Gary Marsh – Chief Executive Peter James – Group Finance Director	investor.information@solidstateplc.com
WH Ireland (Nominated Adviser & Joint Broker)	0117 945 3470
Mike Coe / Ed Allsopp (Corporate Finance) Jasper Berry / David Kilbourn (Corporate Broking / Sales)
finnCap (Joint Broker)                    Ed Frisby/ Kate Bannatyne (Corporate Finance) Emily Morris / Rhys Williams (Corporate Broking / Sales)	020 7220 0500
Walbrook PR (Financial PR)	020 7933 8780
Tom Cooper / Paul Vann	0797 122 1972
	tom.cooper@walbrookpr.com

 

 

 

Notes to Editors:

 

Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring industrial/rugged computing products, battery power solutions, communications systems, advanced antenna products and electronic components for use in harsh environments. 

 

Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a distributor to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.

 

Headquartered in Redditch, Solid State employs over 200 staff across five sites.  Solid State operates through two main divisions: Solid State Supplies and Steatite.

 

Solid State was established in 1971 and admitted to AIM in June 1996.

This information is provided by RNS

The company news service from the London Stock Exchange

 

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Neville Registrars is delighted to welcome The Ukraine Opportunity Trust PLC as the newest addition to its list of client companies.

The principle activity of the Company is to carry on business as an investment company. 

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RNS Number : 6619E

Concepta PLC

10 May 2017

 

 

10 May 2017

Concepta plc

("Concepta" or the "Company")

Concepta signs first distributor agreement in China

Concepta Plc (AIM: CPT), the pioneering UK healthcare company and developer of a proprietary platform and suite of products targeted at the personalised mobile health market with a primary focus on women's fertility and specifically unexplained infertility, is pleased to announce that it signed a distributor agreement with Beijing ThinkBrio Medical Technology Consulting Co., Ltd (''ThinkBrio'').

The agreement covers an initial three year period, and relates exclusively to the distribution of the myLotus range of products within LiaoNing province in China. If successful Concepta intends to seek extension of the agreement with ThinkBrio to cover further Chinese territories.

The CEO of ThinkBrio, Mr Liu Wei, has an extensive background in Public Relations and was previously involved with the launch of Viagra in China. These attributes, together with the strong backing of the Beijing Maternity Hospital Group, combine medical endorsement and consumer understanding to provide women in China with innovative products to help them with unexplained infertility.

Erik Henau, CEO of Concepta says: "Mr Liu has had a lot of experience with the development of our organisation in China and, through lengthy discussions and preparations, has built up a great understanding of the need for our products and how to promote and sell them in the region. This initial agreement offers us the opportunity to evaluate our logistics chain and marketing activities. It will allow us to gather data and experience for discussions with further distributors in China down the line and will help us to fine-tune our strategy for expanding manufacturing capacity."

Liu Wei, CEO of ThinkBrio says: "The myLotus products are unique and will be a great help to many women in China. We look forward to working with Concepta to develop their presence in the Chinese infertility market. We have already conducted rigorous testing of the products prior to launch and we are now in the final stages of hospital evaluations – after which we can begin commercialisation of myLotus in China."

 

Enquiries:

 

Concepta plc

Adam Reynolds, Chairman

Tel: +44 (0) 7785 908158

 

SPARK Advisory Partners Limited (NOMAD)

Neil Baldwin / Mark Brady

Tel: +44 (0)20 368 3550

 

Beaufort Securities Limited (Broker)

Jon Belliss

Tel: +44 (0)20 7382 8300

 

Yellow Jersey PR Limited (Financial PR)

Felicity Winkles / Joe Burgess / Francesca Hillier

Tel: +44 (0) 7748 843 871

 

 

 

About Concepta Plc:

Concepta plc is a pioneering UK healthcare company that has developed a proprietary platform and products targeted at the personalised mobile health market with a primary focus on women's fertility and specifically unexplained infertility*.

 

Founded in 2013, Concepta has developed a revolutionary flagship product 'myLotus' for home self-testing that helps women with unexplained infertility to conceive.  

 

myLotus is the only consumer product which allows both quantitative and qualitative measurements of a woman's personal hCG and LH hormone levels in an easy to use home test to facilitate higher conception rates and early diagnosis of any fertility problems.  Competitor products currently only allow qualitative measurement and are based on the 'average woman'.  

 

Concepta has a defined route to market for its new 'myLotus' product with Regulatory approvals for launch in China in place for H1 2017 and CE-Marking for UK and Europe to follow later in 2017. The revenue potential of the Chinese and EU infertility market is worth c.£600m per annum for the company.

 

*Unexplained infertility refers to women that have been unable to conceive after 6 months of trying. This highly motivated target group of consumers won't typically be offered medical intervention until 12 months of unsuccessfully trying, with IVF not offered until two years. Research indicates couples start to take positive action ahead of this time and there is little medical support to help them do so.

 

About RNS Reach announcements

 

RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases such as marketing messages, corporate and product information into the public domain. An RNS Regulatory announcement is required to be notified under the AIM Rules for Companies.

This information is provided by RNS

The company news service from the London Stock Exchange

 

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RNS Number : 6316E

Nasstar PLC

10 May 2017

 

Nasstar plc

("Nasstar", "Company" or "Group")

Nasstar receives '1000 Companies to Inspire Britain' Award

10th May 2017

 

Nasstar (stock code: NASA), a provider of hosted managed and cloud computing services, is pleased to announce it has been named as one of '1000 Companies to Inspire Britain' in the London Stock Exchange's 2017 report published today.

 

The Report showcases the UK's fastest-growing and most dynamic small and medium sized businesses. To be included companies need to show consistent revenue growth over a minimum of three years which significantly outperforms industry peers. The Report is endorsed and supported by government, the major political parties and the UK's major business associations, all endorsing Nasstar as one of the best performing companies in the UK, not just in its profession or industry, but across all business.

 

Nigel Redwood, Chief Executive Officer of Nasstar, said:

"It is a real honour to be named on such a prestigious list of growing SMEs by the London Stock Exchange. It's testament to the hard work and dedication of every Nasstar employee, who constantly strive to deliver the highest standard to our very loyal and supportive customers. This accolade reinforces our confidence in our acquisitive growth strategy, having acquired four businesses in the last three years. Our last acquisition, Modrus, completed our service portfolio and now enables the Group to focus on maximising and realising the benefit of bringing together all of our acquisitions."

 

For further information, please contact:-

 

Nasstar plc                                                                   +44 (0) 1952 225 000

Nigel Redwood, Chief Executive Officer               

Niki Redwood, Finance Director                          

 

finnCap Limited (Nominated Adviser & Broker)               +44 (0) 20 7220 0500

Julian Blunt, James Thompson (Corporate Finance)

Stephen Norcross (Corporate broking)

 

 

About Nasstar plc

Nasstar (www.nasstar.com) and its wholly owned operating businesses provide hosted managed and cloud computing services, integrating private and public clouds supplying a robust, secure and stable hosted Information Technology service to business customers. The Group provides a true end to end service for clients providing them with enhanced IT performance and greater cost control over their IT function. The Group owns its primary data centre, is head quartered in Telford with regional offices in Northampton, London and Bournemouth whilst 24 x 7 support is delivered from its Auckland office in New Zealand. Nasstar is an accredited Microsoft Gold Partner, is the 2016 Citrix Networking Partner of the Year and is certified to ISO 27001.

 

Nasstar specialises in building bespoke cloud hosted services to manage a client's entire application set, tailor made to suit specific industries, designing public, private and hybrid cloud solutions to meet the objectives of the client. The solution is a highly scalable service that provides benefits including "Anywhere Access" to computing; a standardised corporate solution that can be accessed globally in multiple languages; generating cost savings when compared to the traditional IT ownership model whilst replacing capital expenditure with a simple usage based payment model.

 

 

Nasstar (AIM:NASA) was founded in 1998, admitted to AIM in December 2005, acquired e-know.net Limited in a reverse takeover in January 2014, Kamanchi Limited in July 2014, VESK in October 2015 and Modrus Limited in September 2016.

 

Ends

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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RNS Number : 5609E

TLA Worldwide PLC

09 May 2017

 

9 May 2017

 

TLA Worldwide plc

 

("TLA" or the "Group")

 

TLA appointed by World Rugby to deliver Tonga v Wales match in Auckland

 

Fixture to be part of "Pasifika Challenge" double-header played at Eden Park in June 2017

 

TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, is pleased to announce that it has been appointed by World Rugby as their partner to deliver the Tonga v Wales test match in Auckland this summer. This fixture will be part of a showcase for Pacific Island rugby titled the "Pasifika Challenge" and features in a double-header along with a test match between the New Zealand All Blacks and Samoa.

  

The Pasifika Challenge will be held at Eden Park in Auckland, kicking off at 5.30pm (local time) on Friday 16 June 2017. The Tonga v Wales test match is the first game of the double-header, which will be broadcast live in New Zealand and around the world. 

 

TLA created the Pasifika Challenge double-header in conjunction with New Zealand Rugby ("NZR") after it was appointed by World Rugby to organise the match at a venue in Auckland. TLA was able to arrange for the match to feature in conjunction with the All Blacks v Samoa contest, and present an evening of Pacific Island rugby.  

 

NZR Chief Strategy and Operations Officer, Nigel Cass, said: "The Pasifika Challenge promises to be a great night for Pacific rugby and the Pacific community in New Zealand. Auckland is home to the largest Pacific Island population in the world.  To have Samoa and Tonga playing test matches back to back in an unprecedented double-header will be both special and unique."

 

Bart Campbell, TLA Chairman, said: "TLA is pleased to work with World Rugby to assist with the Tonga v Wales match.  Together with the NZR we have been able to combine the two planned separate games into one great event. The double-header will showcase some of the best Pacific Island rugby talent in a great night for the rugby community in New Zealand and in the Pacific, all on the eve of the exciting 2017 Lions test series."

 

Enquiries:

 

TLA Worldwide
Bart Campbell, Executive Chairman Michael Principe, Chief Executive Officer	+1 212 645 2141
Numis Securities
Nick Westlake and Oliver Hardy (Nomad)	+44 20 7260 1000
Christopher Wilkinson (Broker)
Luther Pendragon
Harry Chathli, Alexis Gore	+44 20 7618 9100

 

About TLA Worldwide

 

 

TLA Worldwide is a leading athlete representation, event management and sports marketing group quoted on AIM-LSE in London. The Group derives revenues from long-term agency relationships with many prominent U.S. and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA TOUR, AFL, Olympians and Cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation, operation and ownership. TLA Worldwide serves its clients from 10 locations worldwide including its offices in London, UK; New York, Newport Beach, San Francisco and Houston, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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RNS Number : 3974E

TLA Worldwide PLC

08 May 2017

 

8 May 2017

 

TLA Worldwide plc

 

("TLA" or the "Group")

 

TLA appointed by New Zealand Rugby for 125th Anniversary Match

 

World Champions, the All Blacks, will play the Barbarians at Twickenham to celebrate 125th anniversary of New Zealand Rugby

 

TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, is pleased to announce that it has been appointed by New Zealand Rugby ("NZR") as their partner to manage and deliver their 125th anniversary match in November this year.

 

The match will see current World Champions, the All Blacks, celebrate the 125th anniversary of NZR with a special commemorative game against the Barbarians at Twickenham on Saturday the 4th of November, for the opening game of their 2017 end-of-year Northern Tour.  It will be the first time the All Blacks have returned to Twickenham since winning the Rugby World Cup in 2015.

 

As the event agency, TLA's role will be to organise and deliver all aspects of the match, and it is a continuation of a strong working relationship between the two organisations.  Previous matches organised by TLA in partnership with New Zealand Rugby include the two sell out All Blacks matches in Chicago, against the USA in 2014 and Ireland in 2016.

 

The game will mark the 11th time that the Barbarians and the All Blacks have played in their history.  The All Blacks have won seven of the previous outings, with the Barbarians winning on two occasions and one draw. The All Blacks last played the Barbarians in 2009 and will be looking to avenge a 25-18 loss in a match that saw South African Bryan Habana score a hat-trick of tries.

 

Steve Tew, CEO of NZR, said: "We are delighted to announce the match against the Barbarians. Like the All Blacks, the Barbarians are part of rugby's rich history and the match later this year is a befitting way to mark our 125th anniversary. Playing the Barbarians is always a special occasion and we think our shared history make this game the most appropriate way to mark our milestone."

 

Barbarians President Micky Steele-Bodger said: "We're thrilled to be renewing one of rugby's great rivalries at Twickenham on November 4 and we believe it will be another classic encounter between two famous teams. The Barbarians expect to bring together some of the world's greatest players to take on the All Blacks and to play with the style and attacking flair that the club's traditions demand."

 

Bart Campbell, TLA Chairman, said: "We look forward to working with the All Blacks again for what will be a showpiece event at Twickenham. A game between the World Champions and the Barbarians will highlight the best rugby has to offer. This match demonstrates our excellent relationship with New Zealand Rugby, whom we are delighted to partner with for this anniversary match, which is another endorsement in our ability to deliver quality sporting events." 

 

 

 

Enquiries:

 

TLA Worldwide
Bart Campbell, Executive Chairman Michael Principe, Chief Executive Officer	+1 212 645 2141
Numis Securities
Nick Westlake and Oliver Hardy (Nomad)	+44 20 7260 1000
Christopher Wilkinson (Broker)
Luther Pendragon
Harry Chathli, Alexis Gore	+44 20 7618 9100

 

About TLA Worldwide

 

 

TLA Worldwide is a leading athlete representation, event management and sports marketing group quoted on AIM-LSE in London. The Group derives revenues from long-term agency relationships with many prominent U.S. and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA TOUR, AFL, Olympians and Cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation, operation and ownership. TLA Worldwide serves its clients from 10 locations worldwide including its offices in London, UK; New York, Newport Beach, San Francisco and Houston, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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RNS Number : 0058E

Pennant International Group PLC

03 May 2017

 

                                                                                                           

 

3 May 2017

 

Pennant International Group plc

£2 million Contract Extension confirmed by Lockheed Martin Corporation

 

Lockheed Martin (UK) Limited exercises options on training contract for aircrew and engineering staff first announced in H1 2016

Pennant International Group plc ("Pennant"), the AIM quoted supplier of integrated logistic support solutions, products and services, principally to the defence, rail, aerospace and naval sectors and to Government Departments, is pleased to confirm that its wholly owned subsidiary, Pennant Training Systems Limited, has been notified that Lockheed Martin (UK) Limited, the UK subsidiary of the Lockheed Martin Corporation ("LMC"), one of the world's leading aerospace and defence contractors, has exercised its option to increase the value of the contract announced on 16 June 2016, from its initial value of £0.2m to in excess of £2.2m.  This extension is scheduled for delivery across 2017 and 2018 and is supportive of current expectations.

Commenting, Pennant CEO Phil Walker, said: "This anticipated extension to the existing LMC contract helps to underpin current market revenue forecasts and will also make a valuable contribution to 2018 revenues.

"It also represents very important additional business from one of the world's leading aerospace and defence contractors and is positive proof of the skills, expertise and international reputation Pennant continues to enjoy. We look forward to further developing the relationship and to delivering another world-class training solution".

 

Enquiries:

Pennant International Group plc	www.pennantplc.co.uk
Philip Walker, CEO	+44 (0) 1452 714 881
WH Ireland Limited	www.whirelandplc.com
Mike Coe / Ed Allsopp	+44 (0) 117 945 3470
Walbrook PR (Financial PR)	paul.vann@walbrookpr.com
Paul Vann / Tom Cooper	+44 (0)20 7933 8780

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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RNS Number : 8987D

Trakm8 Holdings PLC

03 May 2017

 

TRAKM8 HOLDINGS PLC

 

("Trakm8" or the "Group")

 

Direct Line Group Awards Trakm8 Telematics Contract Extension

 

 

Trakm8, the AIM-listed telematics and data insight provider, is pleased to announce it has been awarded a contract extension by Direct Line Group, the UK's leading motor vehicle insurance company.

 

The contract extension covers the provision of T10 hardware and data services supplied to Direct Line that was first announced by Trakm8 in January 2014. The new extension will extend the contract until April 2020.

 

Trakm8 have over 110,000 devices reporting in insurance applications built from a zero base three years ago and Direct Line are a significant part of this.

 

John Watkins, Executive Chairman of Trakm8 commented: 

"We have been working with Direct Line for 3 years providing insurance telematics solutions. We were the first company to offer a plug in self fit device in volume in the UK and the success of the product has resulted in this contract being extended for a further 3 years. We are delighted to continue this relationship as the demand increases. This contract provides additional visibility for our expectations for the financial year and beyond."

 

Dan Freedman, Director of Motor Insurance commented:

"We have been pleased to extend the contract with Trakm8 for a further 3 years. We expect to continue to deploy market leading telematics solutions in conjunction with them and the Floow, as Apps and data analytics provider."

 

 

For further information please contact:

 

Trakm8 Holdings plc	+44 (0) 174 785 8444
John Watkins, Executive Chairman
James Hedges, Finance Director
finnCap (Nomad and broker)	+44 (0) 20 7220 0500
Ed Frisby / Simon Hicks – corporate finance
Tim Redfern / Richard Chambers – corporate broking
MHP Communications	+44 (0) 20 3128 8100
Reg Hoare
Charlie Barker

 

 

 

About Trakm8

Trakm8 is a UK based Big Data company utilising telematics as its primary enabler. Through IP owned technology, over three billion miles worth of data is collected annually through its fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.

 

With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.

 

The Group's portfolio offers complete telematics solutions including dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.

 

The Group acquired both Route Monkey and Roadsense Technologies Ltd. Route Monkey has enhanced Trakm8's logistics solution offering route scheduling and optimisation, including routing for electric vehicles. Roadsense has been acquired to strengthen the Group's presence in the SME fleet management market.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

 

www.trakm8.com / @Trakm8

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

 

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