Northern Ireland-based banking software developers First Derivatives is looking to raise £2 million through a listing on the Alternative Investment Market (AIM).
The company is issuing four million new ordinary shares under the offer at a price of 50p per share, capitalising First Derivatives at £7 million. The issue will represent approximately 28.57% of the enlarged share capital of the company. Trading on AIM is expected to commence on 25 March 2002.
Brian Conlon, managing director, First Derivatives, and a former capital markets consultant for SunGard, says the AIM listing will enable the company to exploit opportunities for future development requiring capital investment and selective acquisitions which may arise. Opportunities for expansion outside the financial markets are also being pursued, he adds.
The company's client list currently includes US software houses and a number of large European investment banks.