LONDON Datong Electronics, a designer and manufacturer of advanced high performance surveillance equipment, has joined the AIM exchange and raised approximately £2.7 million (net of expenses) through a placing of ordinary shares.
Datong (Leeds, U.K.) had a market capitalisation of approximately £17.7 million at the placing price and the placing also included the sale of 4,543,938 shares to raise approximately £5.5 million (net of expenses) for existing shareholders.
The proceeds of the placing are being used by the company to fund development of new technologies, expand the Company’s production and salescapabilities, and incentivise staff.
Datong's products are principally sold to government, military and federal law enforcement agencies to assist their operatives incovertly tracking hostile vehicles, packages, containers and mobile phones. It employs 71 staff and has a wholly owned subsidiary in the U.S. with a sales and service office in Chantilly, Virginia.
Its products have been sold into more than 25 countries using both the company’s direct sales force and a network of independent overseas distributors. In the year to 31 March 2005, approximately 80 per cent of sales were outside the U.K. with over 50 per cent to U.S. customers.