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Dual float on Horizon for Irish channel player

Cash will fund future acquisitions

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Horizon Technology Group is seeking a dual listing on the Irish and London Stock Exchanges for December. The Cork-based distributor's flotation is being sponsored by NCB Corporate Finance. The company's principal shareholders, Samir Naji and Charles Garvey, will see their holdings diluted after the float, with NCB set to place more than five per cent of the company, or 2.9 million shares, with institutional and private investors, it said. Staff will also get the chance to buy shares. In total, these three groups of investors will hold 25 to 30 per cent of shares in the company. Two months ago the company - which is the parent of Sun reseller Horizon Open Systems and Clarity distribution in the UK - was valued at around £70 million. Horizon will embark on an investor roadshow over the next few weeks to drum up investor support. "Admission to the Official Lists will raise the profile of the Group, enhance its reputation with clients and suppliers and provide it with greater financial flexibility for future organic and acquisition led growth," said Kevin Melia, Horizon Technology Group chairman. "In addition, the company will be able to offer attractive incentives to its employees." Samir Naji, founder and MD of the group, said: "Future growth will come from a focus on niche markets particularly with Internet-related projects and Internet infrastructure." Horizon Technology Group has 260 staff with offices in Ireland, the UK and Continental Europe. ®

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