First day of trading
Glen Group PLC
01 December 2004
Glen Group plc Admission to AIM following a
successful placing
Glen Group plc ('Glen') announces that its shares will begin trading on AIM this
morning under the symbol GLN following a placing of 25,000,000 new ordinary
shares at 3p each by Seymour Pierce. In total, the issue is raising £750,000 of
new money before expenses, and Glen will have a total of 50,000,000 shares in
issue, giving it an initial market capitalisation of £1,500,000.
Glen is an IT and communications integration business, focussed on providing a
wide range of communications and IT services to SMEs throughout the United
Kingdom. Glen is positioned at the customer end of the supply chain and manages
customers across these services.
Commenting on today's AIM admission, Graham J Duncan, who founded Glen at the
beginning of 2002, said: 'I am delighted to be returning to the public market
with a young, innovative and ambitious company. Glen will be using the funds
raised to develop a national sales team, set-up IT sales and support offices and
market our products and services throughout the United Kingdom. Being on AIM
will also give Glen a higher profile, which will assist us in the development of
the business, both organically and by acquisition. I am delighted that our
initial flotation has been a success, as this is a real vote of confidence in
the Group and our plans for the future.
Joining me on the Board as Non-Executive Chairman is Eric Hagman, formerly of
Andersen, whose knowledge and experience will be invaluable as we build the
business'
Eric Hagman said: 'When Graham approached me to get involved with Glen I was
delighted to accept. We have identified a very obvious gap in the market for a
one-stop-shop supplier of IT and communications and with Graham's drive,
enthusiasm and experience Glen will be well placed to capitalise on this growing
market.'
For further information please contact:
Glen
Graham J Duncan, Chief Executive 0131 654 9479
Seymour Pierce Ellis 01293 517744
Neil Badger
Seymour Pierce
John Depasquale 0207 107 8010
Halogen Communications 0131 550 3794
John Crawford
This information is provided by RNS
The company news service from the London Stock Exchange
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