Smart Telecom, the Irish telecoms company, plans to list on the AIM (Alternative Investment Market) in London and raise £10 million (€14.83 million) early next month.
The company, which is currently listed on the OFEX exchange in London, plans to use the cash to fund its development as an alternative telecoms firm.
Smart Telecom, which says it has signed up more than 30,000 residential subscribers, has a market capitalisation worth £21.9 million. It plans to withdraw its listing from the OFEX on September 9th and list the following day on AIM.
"This funding will facilitate our ultimate aim of unbundling the local Eircom exchange in Ireland and place us in a position to offer a total telecommunications one-stop shop," said Mr Oisín Fanning, chief executive of Smart Telecom.
Smart Telecom is currently one of only a handful of companies providing single bills for line rental and calls to customers. It is planning to embark on an aggressive investment programme to offer its own broadband product to consumers and businesses.
The firm has invested heavily over the past three years and reported a pre-tax loss of €8.27 million for the year to the end of December 2003. Turnover doubled during 2003 to €12.65 million, up from €6.17 million.
