Standard Platforms Holding Plc, the Blackburn UK-based image storage and retrieval systems specialist is valiantly trying to keep its head above water. Standard’s pre-tax profits were ú482.722, 58% down on the previous 18 month figure of ú1.2m with turnover also down 55% from ú2.9m to ú1.3m. Following a rights issue, a loan stock conversion, a reorganisation and a reduction in share capital undertaken last year to reduce a record loss of ú1.0m, it is now planning a share issue to raise ú1.5m. The company will issue 13.3m new shares at 12p per new share. Henderson Crosthwaite Corporate Finance Ltd has placed ú7.0m new shares at the placing price with unamed institutional investors on behalf of the company. Qualifying shareholders can subscribe to the remaining 6.3m new shares on the basis of seven new shares for every 20 shares held. Four of the company’s directors have committed to 235,550 new shares out of an entitlement of 288,023. Two directors will not take up their 426,675 share entitlement. The company says the market for document image processing in the UK is growing by 30% each year and estimates that it is worth ú75m in revenues. The ú250,000 to be raised from the share issue will be ploughed into the development of new portable products such as work routing software which will launched next quarter.
