PICARDY ANNOUNCE INTENTION TO FLOAT

PICARDY Media Group have announced their intention to seek admission to trading on the Alternative Investment Market (AIM) of the London Stock Exchange.
Iain Hogg, Managing Director of Picardy, commented: “Our flotation is an important step in the future growth of the Group, which will assist us to exploit the opportunities arising from the new developing technologies, as well as raise the profile of the Group and help attract and retain high calibre staff through the introduction of Share Option Schemes.”
Picardy are an integrated media services company in the IPS market place capable of creating business internet television programming from concept to completion in-house through being able to create, re-purpose and deliver digital programme content for business.
Brewin Dolphin Securities Limited will be Nominated Adviser to the issue and Bell Lawrie White, a division of Brewin Dolphin Securities Limited, will be Nominated Broker to the issue. The issue will be by way of a Placing with, principally, institutional investors. The Placing is expected to raise between £5 million and £7 million.
Picardy Media Group is based in Glasgow and Edinburgh and has clients throughout the UK including: BT, Standard Life, Scottish Mutual, the BBC and Channels 4 and 5.
To the year ended 31 December 2000, Picardy had a Group turnover of approximately £4,002,000 (1999: £4,079,000), and a loss before tax of approximately £556,000 (1999: profit before tax £119,466). ( AMcE)