Redknee hits their AIM

This just out, and on time. Looks like the pre-money value was C$115 million, and the deal was priced at a sub 3x revenue multiple (which is fabulous):

“Redknee Solutions Inc.

Placing of 16,700,000 Common Shares at a price of 105p per share and Admission to trading on AIM

The board of Redknee Solutions Inc. (“Redknee” or “the Company”) a provider of telecommunications infrastructure software solutions, is pleased to announce that its shares have been admitted to trading on the AIM market of the London Stock Exchange today (“Admission”). In conjunction with Admission, the Company has raised £17.5 million (CAD $40 million) gross, (£15.6 million (CAD$35.7 million) net of expenses) through the placing of 16,700,000 of the Company’s common shares (the “Placing”) at 105 pence each (the “Placing Price”). The Placing was undertaken by Canaccord Adams Limited as Nominated Advisor and Broker. Redknee has a market capitalisation of approximately £68 million (CAD $155 million) on a fully diluted basis at the Placing Price. The Company’s trading symbol is RKN.

•Use of proceeds and reasons for admission:
•expand the Group’s sales, marketing and customer support capabilities;
•repay certain credit facilities;
•fund the Group’s ongoing research and product development;
•fund the general working capital requirements of the Group’s businesses; and
•raise the profile of the Group

•The Placing was well received by institutional investors in the UK, Europe and North America.”

MRM