Jeffrey Morris and Michael Abrahams – formerly chief executive and chairman of once loss-making telematics business Minorplanet Systems – are poised to return to AIM next week, at the helm of communications hopeful Amteus.

Jeffrey Morris and Michael Abrahams – formerly chief executive and chairman of once loss-making telematics business Minorplanet Systems – are poised to return to AIM next week, at the helm of communications hopeful Amteus.

Morris and Abrahams, who fill the roles of executive deputy chairman and chairman respectively, are seeking to raise £4 million for the venture, via a placing at 55p. This will afford Amteus, which specialises in providing secure communication and file-sharing systems to both corporate customers and small businesses, a starting valuation of £19 million.

Although currently in trials with 23 potential corporate customers, the company remains at an early stage commercially. For the 65 weeks to September Amteus generated just £23,155 of revenue, running up losses of £3.1 million. The cash currently being raised will therefore be used to bolster sales and marketing efforts, further advance technical development and repay loans to companies ‘owned or controlled by Morris, totalling £230,667’.

Trading in the shares is expected to begin on Wednesday 18 January. John East & Partners is acting as both broker and adviser to the company.