Redknee Builds M&A Warchest

Redknee arranges $10M facility to fund acquisitions

September 3, 2008

1 Min Read
Redknee Builds M&A Warchest

2:05 PM -- Converged billing specialist Redknee Inc. (Toronto TSX: RKN) has secured a $10 million credit facility from Export Development Canada to "underpin selective bolt-on acquisition targets" and keep the petty cash tin topped up. (See Redknee Gets $10M Credit.)

Redknee, which is listed on London's Alternative Investment Market (AIM), has already outlined its M&A ambitions, but also said it was planning on building a warchest with an IPO on the Toronto exchange before the end of this year. (See Redknee Preps Shopping Spree.)

So is that stock placement now on hold?

Not at all, according to the company's CEO Lucas Skoczkowski. In an email response to questions, he says Redknee still plans to join the Toronto Stock Exchange "later this year," but that the listing would not involve any fundraising initially, as that's "not a requirement to grow our business."

Redknee's share price closed Wednesday at 40.5 pence on the London exchange.

— Ray Le Maistre, International News Editor, Light Reading

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