Comino Plc, a newly formed holding company with controlling interests in three specialist application software providers, is preparing itself for a shopping spree by going for flotation on London’s Alternative Investments Market. Comino is pushing Williams de Broe to place 2 million of its ordinary shares out in record time and at a price of 130 pence per share. Net proceeds of the flotation will be only 1.53m pounds but the Maidenhead, UK-based company already has enough cash on its balance sheet to make the board feel distinctly uncomfortable (cash at bank represents 150% of net assets). Chief executive Garth Selvey said We’re using the listing to get high up on the hill, and from there we can take a look around. More specifically, Comino is poised to acquire and it needs a definite value to its paper. Selvey wants the management of his new acquisitions to accept shares instead of taking cash and walking. Comino’s subsidiaries sell applications software for the social housing, clothing supply chain and electronic document management markets. The board sees acquisition as a good supplement to organic growth, whereby companies in the same sector are purchased more for their existing customer base than their products. Dealing is expected to start next Thursday, just 79 days after it appointed the broker. Is this a world record?
