Monday 5th June 2006
New Israeli AIM push
Israeli entrepreneur Shai Schiller intends to bring email innovator AxisMobile to AIM with a reverse takeover and £4 million placing. AIM-quoted cash shell CCO Capital, floated last year at 10p, is the chosen vehicle for Schiller, who used to head fully-listed video conferencing giant Emblaze. Under the deal, CCO will consolidate its capital by substituting one new share for each 10 held, change its name to AxisMobile if shareholders approve and seek to raise £4 million with a placing at 60p. Canadian-owned Canaccord Capital is to be nominated adviser and broker to the reincarnated AxisMobile, which was originally founded in Israel in 2000 and is now a leading player in consumer mobile e-mail. Described by analysts as 'e-mail mobiles for the masses', this technology gives consumers access to e-mail via mobile handsets. AxisMobile, which lost a reduced £1.3 million last year on £1.1 million turnover, says its goal is to provide the software to 'drive the mass market adoption of mobile email and related products'. The company claims its email platform offers a 'one-stop shop' for consumer mobiles and reduces costs. Schiller says an AIM listing will give AxisMobile 'access to the capital markets' and 'provide the resources to take advantage of the significant opportunities available to us'.
Robert Tyerman
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