Galasys PLC, a leading provider of ticketing systems and solutions to the fast growing theme park industry in Asia, is pleased to announce the admission today of its ordinary shares to trading on the AIM Market of the London Stock Exchange and the commencement of dealings in its ordinary shares under the ticker GLS.
Summary
- The Company has raised £3.1 million before expenses through a placing of 13,874,582 new ordinary shares at a placing price of 22.5p per share.
- The market capitalisation of Galasys on Admission at the placing price is £14.97m
- On admission, the Company has 66,571,038 ordinary shares in issue,
- The Company will be using the proceeds of the IPO to fund ticketing in theme park services, expansion into new markets, development of new products and services and working capital.
- Arden Partners are acting as Nominated Advisor and Joint Broker to the company. Optiva Securities Limited are acting as Joint Brokers to the company. Netrove Strategic Corporation are acting as financial advisor to the company
The companies Admission Document can be found at: www.galasystec.com
Commenting on the announcement, Mr. Seah, Chief Executive, said:
” We are delighted with the response from UK investors in supporting our placing of new shares and we are very pleased to welcome our new shareholders. I believe that, given the rising affluence and economic growth in Asia, we are well placed to capitalise on our current leading market position in the key lifestyle segment of amusement and theme parks in Asia and I believe an IPO is the right strategy to support our continued development. We are looking forward to a successful future as an AIM listed company.”
About Galasys
Galasys is an Amusement Park solutions and services provider that supplies ticketing management systems to Amusement Parks in China and Malaysia. Through its proprietary systems, the Group provides Amusement Park operators with the ability to manage and analyse tickets, visitors, merchandise sales and other Amusement Park operations at their Amusement Park sites. It has been operating since 2005 and supplies services to 13 of the 20 most visited theme parks and 15 of the top 20 water parks in China. The Group has invested approximately 50 man years and over USD 1 million in software research and development.
The Directors believe that the Group’s market position in China has been the culmination of a proven and reliable technology platform and long lasting relationships with Amusement Park operators, for example Chime Long and OCT Group, which are two of the largest Amusement Park operators in China by numbers of tickets sold annually. In addition, the Directors believe that the Group is well placed to benefit from the continued urbanisation and growth in China, in particular through the unique drivers of the Chinese Amusement Park industry whereby real estate developers use Amusement Parks as a means of generating demand from would be real estate buyers.
The Group’s first ticketing management system contract was awarded in 2005 by Chime Long Group. Since 2006 the Group has signed more than 315 contracts with Amusement Park operators in China and Malaysia. The Group currently provides services and solutions to 60 sites in China and Malaysia and employs 49 members of staff and calls on 42 research and development staff of which are provided by third party developers. Over 65 per cent of the Group’s employees work within technology development.
Following Admission
Galasys intends to strengthen its position in the Asian region by increasing its product offering to current Amusement Park operators, gain new Amusement Park operator customers and by entering into new markets.
The Directors believe that Admission is an important step in the Group’s development. In addition to accessing necessary funds for growth and expansion through the Placing, the Directors believe that Admission will; raise the Group’s profile in the UK, which is one of its target markets; provide the Group with access to the capital markets; help the group to attract and retain talented employees through its raised profile and the ability to offer equity incentives; aid the liquidity of the ordinary shares; and diversify its shareholder base.
(Source: http://otp.investis.com/clients/uk/galasys/rns/regulatory-story.aspx?cid=823&newsid=412342, 12 May 2014)