Two computer companies have joined the growing number of firms choosing to float on the UK Stock Exchange.
Systems integrator Akhter Group will float on the stock exchange, valued at #60 million. The flotation, sponsored by SGS Turnbull, will raise #20 million for the Essex-based firm. Founder Humayun Mughal?s 60 per cent stake is worth #30 million.
Akhter employs 200 people on three sites in Harlow, Burnley and Egham. Set up in 1979, Akhter sells most of its PCs into the public sector. The company achieved a #6 million profit and turnover of #36.2 million in the year ended 31 March.
The manufacturer will join a small group of UK direct PC vendors, which have previously announced their intentions to float. In March, Dan Technology, a #43 million London-based supplier, reorganised itself into a single holding company as a prelude to joining the UK Stock Exchange.
Viglen will get a full listing, following the restructure of its parent company, Amstrad, to split itself into two companies. Simply Computers, a #63 million direct PC vendor, is also understood to be considering a flotation. RM Technology is currently the only UK PC manufacturer that has a stock market listing.
Meanwhile, software house AIT Group, based in Henley-on-Thames, has announced its intention to float, valuing the firm between #20 million and #25 million. The float will give AIT a #2 million cash injection.
The nine directors of AIT will share an #8 million cash windfall as a result of the flotation. But the directors will reduce their stake in the firm from 98 per cent to 60 per cent.
MD Richard Hicks, who set up the company in 1986, will realise about #3 million by cutting his holding from 45 per cent to 25 per cent.
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