Totalise
NO RECOMMENDATIONTotalise, the internet services group and service provider, has opened its offer for subscription of shares to Aim on 20 October. At 21p per share and with 46.6m shares, Totalise hopes to raise £9.8m, which would capitalise the company at £17.9m. The offer closes on 13 November and dealings on Aim are expected to commence 7 days afterwards. Already £200,000 has been raised via a placing of 0.9m shares at 21p per share with institutional investors and Brewin Dolphin Securities is the nominated broker and adviser. Despite year end to April losses of £1.9m, on tunrover of £8.2m, Totalise has over 140,000 registered users and was awarded the title 'Best Consumer Customer Service Provider' in February by the ISPA, beating AOL. Heading the Totalise board is the founder and chief executive Dr Peter Gregory, who recently beat Bill Gates and Sir Richard Branson to win the ISPA's 'Internet Colossus 2000' award. Despite problems which Egg and the like have faced, Totalise plans to use the funds raised to fuel an internet bank.
Market cap: £10m
PE Forecast: n/a
Share price: 26.5p
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