Two new technology listings received a mixed reception on the JSE on Wednesday, with one stock losing half its value in morning trade.
Autospace Age Systems, a hi-tech outsourcing and management services group using IT, electronics and communication technologies to provide its services, saw its price fall from the opening 100c to 50c by mid-morning.
The share, listed by way of introduction on the JSE`s IT sector, did not rise above 100c and touched a low of 35c as 459 700 shares changed hands by 10.10am.
The company`s main areas of business are:
outsourcing and consulting services with regard to project management, software engineering and other consulting services;
outsourcing and consulting services in the field of occupational health and safety;
turnkey fleet and asset management services;
vehicle monitoring services;
cellular and mobile systems installation services;
supply of electronic asset tracking and monitoring capability; and
electronic toll connection services.
Autospace Age Systems, which achieved revenue of R7.8 million for the year to 28 February 1999, forecasts revenue of R119.2 million and attributable income of R3.3 million for the 16 months to 30 June next year.
The other new technology listing, Prada Technologies (Pradatech), saw its share on the venture capital market trading at the issue price of 100c by mid-morning after 121 500 shares changed hands.
The share touched a low of 90c and a high of 105c before 10am.
Pradatech, which focuses on data transference and Internet solutions, forecasts after-tax profit of R8.7 million and headline earnings per share of R10.82 for the year to June 2000.
The company provides Internet business solutions to its client base through a project management approach.
"Pradatech assists its client base to re-engineer their business processes to include the ability to do business electronically in order to conduct Internet commerce on a global scale," it says.
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