Vimio to take AIM
Article Date: Aug 24 2005
Broker John East has raised £5.5 million at 100p a share for Vimio – a Swedish university spin-out with an eye on the mobile data market – ahead of its £25.5 million AIM flotation next week.
Now based in Dublin, Vimio represents something of a stock market return for two entrepreneurs who suffered badly during the technology bear market of 2001 and 2002.
Business development director David McKenna previously headed recruitment firm Marlborough International, building it into a €150 million business, until it went bust in February 2002.
Non-executive chairman Fran Rooney, meanwhile, was formerly chief executive of the infamous IT security business Baltimore Technologies. During his stint at the helm Rooney guided Baltimore to the dizzy heights of the FTSE 100. He then parted company with the group after its share price plunged by more than 90 per cent in a year.
Vimio – whose technologies allow users of 2.5G mobile phones to obtain live TV images of 3G quality and also has applications in gaming, music and mobile surveillance – has penciled in Friday 2 September as a likely launch date.
