Aim admission for horseracing services company
4th February 2008A leading accountancy and financial advisory group has helped float a horseracing technology company in the south.
Smith & Williamson in Southampton was appointed by TurfTrax to work on its admission to AIM, the junior stock market.
As well as tax advisor and auditor, Smith & Williamson acted as reporting accountant for the company, which was admitted to AIM on Wednesday (January 30).
Julie Mutton, an assurance and business services director at Smith & Williamson in Southampton, said: "We're delighted to help bring TurfTrax to AIM.
"TurfTrax's innovative technology has undoubtedly appealed to investors in challenging market conditions, and the company is well placed to benefit from the UK's betting turnover, which was in excess of £10 billion in 2006."
It is the second time in four weeks that Smith & Williamson's Southampton office has been involved in an AIM admission.
Last month ethical fashion e-tailer Adili, based near Blandford Forum in Dorset, raised £1.5 million in working capital.
Smith & Williamson's Southampton office has dealt with six AIM admissions since setting up its south coast office five years ago, and where it now employs fifty people.
Salisbury-based TurfTrax raised £3.2 million through the placing of 8 million shares at 40p a share. With a total issue of nearly 44 million shares, the business is valued at £17.5 million.
The company distributes data to the horse racing, betting and media industries internationally, with rights to gather data from racecourses in the UK.
Clients include Racing UK( the media rights representative of 30 UK racecourses including Goodwood, Newmarket, Cheltenham), Arena Leisure Racing, At the Races , Channel Four, The Racing Post and Ladbrokes.
TurfTrax, which has nearly 30 staff, is poised to open up a new level of betting through patented technology.
A transmitter fitted in each saddle cloth tracks the performance of every horse, providing a world-first opportunity for in-race betting with dynamically changing odds.
Trevor Hayman, an associate tax director at Smith & Williamson helped Julie Mutton with the admission.
The nominated advisor and broker for the flotation were London-based City Financial Associates and Newland Stockbrokers respectively.
For further information contact
Julie Mutton, 023 8082 7640
Press Office:
Kate Harrison / Layisha Laypang, 020 7131 4228 / 4550
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Note to editors
Smith & Williamson is an independent professional and financial services group employing over 1,400 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group operates from offices in London, Belfast, Bristol, Glasgow, Guildford, Maidstone, Salisbury, Southampton, and Worcester.
