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SureTrack transfers from Plus-quoted to AIM
Wed, 08 Feb, 2012
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SureTrack transfers from Plus-quoted to AIM
Tue, 3 Aug 2010, 17:31:00
<b>SureTrack Monitoring</b> has switched from Plus-quoted to AIM. The shares ended the first day at 0.85p, having closed on Plus-quoted at 0.8p on the previous day. That values the asset tracking company at £5.62m. SureTrack raised £1.42m at 0.6p a share - at the placing price SureTrack was valued at £3.96m. That cash will help finance growth. Coventry-based SureTrack operates a GSM-based asset tracking service using its own monitoring platform. The core customer base is the owners of construction vehicles and plant but it can also be used by owners of other vehicles and assets with a high value. The company's MT2 device can be tracked to an accuracy of one metre and can provide its location even if it is inside of the vehicle or the asset is in a building. The device has a three year battery life. There is a charge for the device and an annual monitoring subscription. There is also a charge for servicing the device every two or three years. During June, SureTrack signed an agreement with Ford, which made the MT2 an approved dealer fit accessory for commercial vehicles and cars and it was allocated a Ford part number. SureTrack also has an agreement with UK caravan manufacturer Elddis.
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