TechMARK movers: Trafficmaster buys US firm

18th Jan 2010 15:00

Trafficmaster has acquired Fleet Management Solutions Inc and is raising up to £4.24m from a placing at 31p a share. That was just below the share price at the end of last week. Trafficmaster has also increased its debt facility with Barclays Bank from £12.5m to £17.5m to help finance the purchase of FMS. The new facility lasts until April 2013. FMS provides satellite tracking systems for mobile assets. Since being established in 2004 FMS has built up annual revenues of $5.7m and it has 8,400 active subscriptions. In 2008, FMS lost $1.6m (£900,000). Trafficmaster is paying $6.9m (£4.2m) in cash and $350,000 (£210,000) in shares. Up to $6m (£3.7m) more will be payable depending on performance in 2010 and 2011.The acquisition will be earnings enhancing this year. Trafficmaster requires shareholder approval for an increase in share capital so that half the new shares can be issued. Part of the debt facility can't be drawn on until the full placing is completed. Computer services provider Computacenter has been hit by profit taking after last week's upbeat trading statement. The share price is still around one-fifth higher than one month ago. The company said that its 2009 figures will be materially ahead of consensus forecasts. Analysts had been expecting profits of around £48m and Panmure Gordon upgraded to £52.9m.The VAT increase at the beginning of 2010 may have made UK clients spend money slightly earlier than they would have done but it is difficult to assess the full effect of the change. The cash pile is also much higher than expected at £87m. The annual results will be published on 11 March. FTSE TechMARK - RisersNXT (NTX) 15.25p +3.39%COLT Telecom Group S.A. (COLT) 140.50p +3.38%Skyepharma (SKP) 100.25p +3.35%Wolfson Microelectronics (WLF) 140.00p +2.56%Intec Telecom Systems (ITL) 111.00p +2.54%Trafficmatigster (TFC) 32.00p +2.40%GB Group (GBG) 21.75p +2.35%RM Group (RM.) 176.50p +2.02%Kewill (KWL) 102.00p +2.00%Puricore (PURI) 13.00p +1.96%FTSE TechMARK - FallersComputacenter (CCC) 295.50p -4.59%Innovation Group (TIG) 12.75p -3.77%Vislink (VLK) 26.00p -3.70%Antisoma (ASM) 34.75p -3.47%KCOM Group (KCOM) 52.00p -3.26%Triad Group (TRD) 33.00p -2.94%Emblaze (BLZ) 42.00p -2.89%AEA Technology (AAT) 26.00p -2.80%Corin Group (CRG) 59.50p -2.46%Vernalis (VER) 84.00p -2.33%