Ridercam Listing on hold but remains IPO ready

Published on 07 maj 2019


2019 was always going to be a pivotal year for Ridercam, one in which the company enters its commercialisation phase with agreements direct with Theme Parks rather than third party operators. These developments will finally deliver the true revenue potential. 2019 is also the year where the Company set out to IPO on a Stock Exchange to raise further funding for growth and to provide shareholders with a value validation event.

 

Notwithstanding the quality of the Company and its investor proposition, (the company received the highest ever positive responses from the recent road show) the Board has been forced to put the listing on hold for the following reasons:

 

  1. The Company has to appoint a new chairman before it can apply to be listed. Market rules dictate that the Company needs an appropriate and experienced Chairman in place prior to IPO. The Company’s former Chairman had to resign for personal reasons and the company will continue to respect his privacy. The board has called the annual general meeting for 15 May 2019 when a new Chairman will be appointed.
  2. The delay of the IPO beyond March 2019 means that the Company has to produce audited financial accounts for 2018 before it can proceed to list. This is well underway and should be completed by end of May 19.
  3. The Company’s recent fundraise and road show in Sweden disappointingly closed at just under two million SEK. This fund raise did not achieve the minimum the Company required to list. The Company is now talking to new investors in Sweden and the UK to ensure it has sufficient working capital to IPO. Our advisers reported that investor sentiment in early stage businesses in Sweden is at an all-time low and they themselves were surprised of the poor response.

 

The Company remains positive about its future and will continue to seek a listing.

 

The Company is ready to IPO with all legal and most of the accountancy work completed and a properly constructed board following the AGM in May.

 

The board will seek to list on a market where it can access the required equity capital to execute its plan fully. In that regard the Company is in the process of appointing advisers in the UK and potentially the US, where the board believes that access to capital will be more forthcoming. The Company continues to work in parallel with its Swedish advisers for solutions and new investors in Sweden.

 

The Company’s board has also opened up discussions with potential strategic acquirers to sell the business.

 

The Ridercam board remains confident about the prospects of the business. The Company is in the process of finalising and installing its new technology in Europa Park, Germany. 2019 remains a pivotal year for the Company, a year in which Ridercam will install and operate its first fully commercial contracts direct with Theme Parks. A year the management believe will be transformational in the value and future of the business.

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