Business
Admission to AIM
Admission to AIM.
About this update from T42 Iot Tracking Solutions Plc
[{"type":"text","content":"\n Traction Technology PLC\n21 December 2006\n\nFor release\n\n\n21 December 2006\n\n\n\n\n\n\n Traction Technology Plc\n\n\n\n Admission to AIM\n\n\n\n Subscription of 3,010,462 Ordinary Shares at 28p per share to raise £843,000\n\n\n\n\n\nTraction Technology Plc ('Traction' or 'the Company'; TIDM: TRAC), the designer,\ndeveloper and manufacturer of hybrid and all-electric vehicle propulsion\nsystems, was today admitted to trading on AIM following a Subscription of\n1,964,286 Ordinary Shares at 28p per share ('the Issue Price') to raise £550,000\ngross. On Admission, certain existing shareholders and other private\nshareholders have agreed to subscribe for a further 1,046,176 new Ordinary\nShares at a price of 28p per Ordinary Share to raise £293,000. On Admission,\nthe Company will have a market capitalisation of approximately £9,333,000.\nBeaumont Cornish Limited is acting as the Company's Nominated Adviser and Gall\nand Eke Corporate Partners Limited is acting as the Company's Broker.\n\nTraction's hybrid and all-electric propulsion systems are aimed at transport\napplications in the inner city where vehicles have high stop-start duty cycles.\nThe technology is ideally suited to buses, taxis, refuse and postal vehicles and\ndoes not compete directly with the major passenger vehicle manufacturers.\n\nIncreasing pressure from environmental regulatory bodies on carbon and other\nemissions is being addressed by transport providers, such as Transport for\nLondon who themselves stated in November 2006 that hybrid buses are a key part\nof its plan to meet emission reduction targets.\n\nSmall scale trials with Epsom Coaches, who operate vehicles on behalf of\nTransport for London, have confirmed that improvements in miles per gallon and\nemissions reductions can be achieved using Traction Technology's hybrid\nproducts.\n\nTraction has a Board with substantial relevant industry experience:\n\nNick Brayshaw OBE, Non-Executive Chairman, was Group Chief Executive of Wagon\nPlc as well as being an independent member of the Department of Trade and\nIndustry Enterprise and Business Group. He is currently Chairman of AIM-Listed\nStadium Group plc and of the CBI National Manufacturing Council. Traction's\nGroup Chief Executive, Bob Dover, has over 30 years' automotive experience with\nthe likes of Jaguar Cars, Land Rover and Aston Martin...