Oslo Børs announced that its Board of Directors has agreed for shares f Asetek A/S to be listed subject to customary conditions. These include a certain number of shareholders and shares in public float prior to listing, an approved prospectus and a minimum of 10 million USD in raised equity. Should the requirement for the number of shareholders not be met, the share will be accepted for Oslo Axess listing. Oslo Børs CEO will decide on the listing with first day of trading no later than April 12th 2013.
Asetek applied for listing in late January. Until now it has had 16 shareholders including venture funds, corporate insiders and employees. The parent company Asetek Holdings INC. is incorporated in Delaware, USA with offices in Denmark and China. Subsidiary Asetek A/S is headquartered in Brønderslev, Nordjylland, Denmark.
The company designs, develops and markets thermal management solutions utilizing liquid cooling technology. These are used in computers and data centre servers. It has indeed turned its focus more on the major projects and now has a pilot agreement with High Performance Computing facility of the University of Tromsø in Norway. Until now the company has been loss making while issuing convertible shares. Lately it has record a 3 million USD credit line from Sydbank (CPH: SYDB).
After a major jump its revenues in last three years have been 15.7 , 15.5 and finally 18.6 million USD in 2012. Gross margins have maintained steady over 30% while operating losses climbed to almost 5 million last year with net income of around 8.5 million in the red. In total the company shipped 414 000 units last year with an average price just above 45 USD.
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