Internet TV supplier PeerTV hopes to raise up to £6.2 million on AIM.
Fast-growing specialist internet TV supplier PeerTV hopes to raise between £4.6 million and £6.2 million on AIM.
Incorporated in the UK but with its principal operating subsidiary in Israel, the company, whose non-executive directors include ex-Pace Micro technology boss Malcolm Miller, offers TV service providers the means to deliver specific, live streamed channels and video on demand to TV sets over the internet.
Nominated adviser and broker Libertas Capital is seeking to tap the market with a float priced at between 62p and 72p, to put a value of from £13.8 million to £18.6 million on PeerTV, which specialises in proprietary middleware software [sic] for the ‘over-the-top’ narrowcaster market, as yet small but seen by fans as offering exciting growth potential.
Founded three years ago by Chaim Bechor and Eatamar Drory, now respectively head of production and product development and chief technical officer, the company targets clients addressing specific communities, in particular ethnic or national groups looking to receive content outside their place of origin.
Steered by chief executive officer Ronnie Jaegermann, PeerTV chalked up $5 million (£3.1 million) turnover in the first half of this year, more than the $3.5 million achieved for the whole of 2009, and made $300,000 interim operating profits in the process. Libertas sees the company turning last year’s net loss of $1.9 million into $1.1 million net income this year, rising to $3 million in 2011 and $9.3 million in 2012.