Specialised software and services provider DVT yesterday made its first appearance on the JSE`s Alternative Exchange (AltX).
The company saw its first trades at between R1.10 and R1.20. However, by midday, DVT had seen its share price drop to 92c. At the close of the market, DVT was trading at R1.04.
DVT CEO Chris Wilkins says he is not worried about the share price, despite it dropping below its R1 per share listing price.
"If we manage the business as we have done since inception, we`ll continue to trade profitably, invest wisely and return value to shareholders, which is what they expect of us. We are very pleased with the general outcome on listing day," he explains.
The company raised R15.8 million in private placements, which were over-subscribed by 150%. The cash raised through the listing will be used primarily for acquisition purposes, product development and working capital for growth.
Says Wilkins: "Our prospects are good, especially in our core application development business, where we have competitive advantage through our track record of delivery. In line with our prospectus projections, we expect to report strong interim results at the end of November, and we anticipate strong growth into 2008 and beyond."
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