Econveyancer shares on the up

ULS Technology Plc shares ended the week (1/8/2014) at 41.25 pence.

The shares which were admitted to AIM on 28th July 2014 were priced at 40 pence valuing the Group at £25.9 million. With a £2,341,000 Profit before tax and £16,301,000 Revenue for the Financial Year ended 31st March 2014. 

The Placing comprised 11,536,250 New Ordinary Shares and 18,713,750 Existing Ordinary Shares. 

The Company received approximately £3.7 million proceeds of the Placing after expenses to be used to repay £1.85 million of debt and to continue to develop the Company’s existing and new products.

The Existing Ordinary Shares were sold by Selling Shareholders Nigel Hoath (Co-Founder), Lloyds Development Capital (Holdings) Limited and LDC Parallel (Nominees) Limited. Hoath reduced his stake from 45.6% to 27.23% selling 6,626,961 shares. Lloyds Development Capital (Holdings) Limited and LDC Parallel (Nominees) Limited reduced their combined holdings from 46.99% to 19.95% selling 12,086,789 shares.

The Directors of the Company, Lloyds Development Capital (Holdings) Limited and LDC Parallel (Nominees) Limited have all agreed to Lock —in Periods. 

The Group’s contractual arrangements with Lloyds (including  its contracts  with BM Solutions) accounted for approximately  64 percent of its gross margin for the financial  year ended 31 March 2014. On 25 June 2014, the Group signed a new contract with Lloyds to provide exclusive conveyancing services for a further four years.