Dealings start on 2 September in mobile streaming and compression company Vimio after a £5.5 million placing at £1 handled by broker John East.

Dublin-based Vimio, run by Malachy Harkin, 44, says it will use the placing proceeds to expand in China and the Middle East. The company, whose products include an audio book of the Koran, uses technology developed in a joint venture at Umea University in Sweden to enable mobile phone network operators to apply third generation functionality to 2.5 generation technology. 'So, for example, a Virgin mobile without 3G can still use Vimio,' says one adviser.

Hitherto loss-making, Vimio has been growing fast and could soon be heading into the black. Last year the company lost £1 million on turnover of £116,000 and in the three months to March this year losses were £213,000 on turnover of £147,000.

Johnny Townsend of John East says analysts believe the company will be profitable this year, to the tune of more than £1 million. It has speculative appeal.