Vigilant Technology raises GBP10 million in UK IPO

Vigilant Technology has raised GBP10 million in its initial public offering on the Alternative Investment Market of the London Stock Exchange. The company was one of three to disclose information about new listings on Monday, with Nasdaq-traded Camtek saying it plans to register its shares in Tel Aviv and NasVax saying it was delaying its IPO until Thursday. Vigilant, which is based in Tel Aviv and develops CCTV (closed circuit TV) security and surveillance systems, said it was issuing 23.3 million new shares at 43 pence each, which will start trading on Tuesday. Vigilant intends to use proceeds from the sale to fund the expansion of its sales and marketing department. Vigilant will have a market capitalization of about GBP24.3m following the offering. Also, the company said it appointed Trevor Chinn as its chairman. Chinn is chairman of the AA, a UK breakdown company, and is co-chairman of the Israel-Britain Business Council. Vigilant develops hardware and software for recording and analyzing digital video footage collected from a large number of security cameras, with customers including Ben Gurion Airport and a number of London municipalities. The company was founded in 1999 by two brothers, Yoram and Ronen Sagher, together with Adi Pinhas who left three years ago. In 2004, it recorded a net loss of $900,000 on sales of $6.2m., although analysts believe the company will have a net profit of $500,000 on sales of $8m. to $10m. in 2005, a spokeswoman said. Meanwhile, Migdal Ha'emek-based Camtek has applied to list its shares on the Tel Aviv Stock Exchange and expects the shares to start trading on Wednesday. The company, which develops optical inspection systems for printed circuit boards, believes the dual-listing will facilitate trading in Israel by lowering transaction costs for Israeli investors and giving them greater access to the shares. The company is worth $115m. and expects to be included in the Tel Aviv 100 and Tel Tec indexes. Finally, NasVax, which develops flu vaccines, was supposed to start trading on Monday but delayed its IPO until Thursday due to uncertain market conditions before the opening of trade. Chief executive Itzik Goldwaser declined to comment on what caused the uncertainty, but the announcement came hours after Prime Minister Ariel Sharon suffered a minor stroke. NasVax, which was founded in August last year, is planning to issue 7.1 million shares at NIS 4.54 each and to raise NIS 16m. in bonds.function initServerVars() { _headup.clientHost = 'http://newstopics.jpost.com'; _headup.termsFromServer = 0; _headup.annotatedTerms = 0; _headup.widgetMode = 'snippet'; _headup.snippetButtonStyle = 'banner'; _headup.blackListedUrl = false; }

Vigilant Technology raises GBP10 million in UK IPO

Vigilant, which is based in Tel Aviv and develops CCTV (closed circuit TV) security and surveillance systems, said it was issuing 23.3 million new shares at 43 pence each, which will start trading on Tuesday.

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