18 October 2010
haysmacintyre is supporting internet TV suppliers PeerTV, (“the Company”) in its bid to raise up to £6.2m on AIM (Alternative Investment Market).
PeerTV is incorporated in the UK but has its principal operating subsidiary in Israel. Its non-executive directors include ex-Pace Micro technology boss Malcolm Miller. The Company offers TV service providers the ability to deliver specific, live streamed channels and video on demand to TV sets over the internet.
Nominated adviser and broker Libertas Capital has a float price between 62p and 72p, to put a value up to £18.6 million on PeerTV, which specialises in proprietary technology including middleware software for the 'over-the-top' narrowcaster market.
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.
The haysmacintyre team – led by Ian Cliffe with fellow partner Natasha Frangos were the reporting accountants on the transaction and Neil Simpson assisting with the tax structuring of the group.
Ian Cliffe, head of corporate finance at haysmacintyre, commented: “We have significant experience in supporting technology companies in the media sector – and also with Anglo-Israeli businesses. It is encouraging to see interest in AIM returning to levels seen before the recession”.