Bradford cyber security firm announces intention to float on stock exchange
ECSC Group plc, the Bradford-headquartered provider of cyber security services, is intending to seek admission of its shares to trade on the AIM Market of the London Stock Exchange.
The company, which has over 15 years’ experience in the design, implementation and management of cyber security solutions, boasts a blue-chip client base that ranges from e-commerce startups to global organisations.
ECSE is expected to begin dealings to float on the stock exchange on 14 December, with Stockdale Securities Limited acting as nominated adviser and broker.
The firm is proposing to raise approximately £5m through a placing by Stockdale of 2,994,011 new shares at a price of 167 pence per share. In addition, 519,174 sale shares held by existing selling shareholders will be sold at the placing price.
Once listed on the stock exchange, at the placing price of 167 pence, ECSE will have a market capitalisation of approximately £15m.
Among the reasons the company is pursuing to float on AIM, is to take the current headcount of 50 to circa 200 by the end of 2018.
ECSE also plan to open an Australian Security Operations Centre (SOC) to facilitate global manned operations, opening wider market opportunities with UK-based global enterprises which expect 24/7 monitoring.
The board of directors on Admission includes Nigel Payne, previously chief executive officer of Sportingbet Plc, as non-executive chairman; David Mathewson, former chief financial officer of Playtech Group plc, as non-executive director; and Steve Vaughan, previously group chief executive officer of publicly listed companies Phoenix IT plc, Communisis plc and Synstar plc, as well as being former chairman of Charteris plc, also as a non-executive director.
Ian Mann, CEO of ECSC, commented: “We believe the ongoing cyber security breaches affecting some of the world’s most prominent companies are making cyber security an important issue for company boards.
“We feel therefore that this is an ideal time for an established and proven provider of cyber security services with a blue-chip client base to list on AIM and accelerate its growth.
“Since ECSC’s inception 16 years ago, we have established a long track record of being a profitable, cash generative and financially stable business.
“We have already initiated a clear strategy and a carefully prepared plan to scale ECSC and we believe that the listing will enable us to take the Company to the next phase and capitalise on the strong market opportunities available to us.”
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