 London, the United Kingdom, 17 June 2008 – Screen Technology Group plc completed a successful Placing and Open Offer which resulted in the Scaent Group and certain Scaent Directors becoming the new majority shareholders.
Screen Technology’s ITrans® product meets favorable market reaction and offers a unique and attractive solution for the mid and large sized digital advertising and signage market. However, because of the high level of conservatism within the advertising market and a general reluctance to adopt new technology from a young, under-funded business, Screen Technology required a partner to provide finance, boost sales, redevelop marketing and sales policy, as well as help introduce the product to the emerging markets of Eastern Europe. That kind of partner became the Scaent Group who led the Placing and Open Offer (finalised on 17 June 2008) and helped raise £1,006,164.
Following the transaction, the Board of Screen Technology Group made two major appointments. Kevin Gate, who is acting Group CFO and an independent financial consultant to the Board of the Scaent Group, and Derek McLennan, Scaent Group Executive Vice President, were appointed as Non-Executive Directors.
Commenting on the appointments Tom Jarman, Chief Executive of Screen Technology Group, said: “We are now looking forward to an optimistic future and Kevin's experience and understanding of what makes a good business will be a major asset to the Company, while Derek's positive thinking and corporate restructuring experience combined with his clear driven ability to 'make things happen' will have a major impact on the Company. We are really delighted to welcome both gentlemen onto the Board”.
“We believe Screen Technology’s ITrans® product is a perfect high impact solution for the gap that exists between large plasma and LED screens in the digital out of home advertising industry. Our investment is based on the belief that both the ITrans® product and the market are now ready for significant growth”, – said, Kevin Gate, welcoming the deal.
“The Scaent Group’s rich experience within the markets of Eastern Europe will be essential for the introduction of the company and its product to this region. At the same time, considering the dynamic economy growth of these countries, and, consequentially, the booming development of advertising industry, sales in this region will be a major factor for Screen Technology Group’s prosperous future”, – added Derek McLennan.
Editor’s notes
About the Scaent Group
Since 2003 the Scaent Group has been expanding globally, initially founded in Sweden to trade electricity on the Scandinavian energy market, the Group has migrated to Norway, Finland, Ireland, the Baltic States and even further to Eastern Europe and China. Today, after five years of fast paced and successful development that has resulted in it becoming one of Europe’s leading energy market experts the Scaent Group is diversifying its interests into various spheres including Real Estate, Software, Public Services, Utilities, Construction, Prospecting, Consumer Goods Manufacturing, Retail, Publishing and Telecommunications. At present the Scaent Group has more than 10 companies and sub-groups conducting business in over 12 countries and across two continents. The Head Office is in Amsterdam and the Group is currently planning further expansion into Georgia, Moldova, Ukraine, and Russia.
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