EMERGING Markets Data (EMD), the on line information services company part owned by the small Irish exploration group Minmet, is to raise £1.55 million sterling though a share placing, which is expected to be completed next month.
EMD said the placing would enable the company to expand its portfolio of screen based financial, economic, and political information on emerging financial markets. About 4.35 million new shares will be issued at a price yet to be finalised but expected to be 36p sterling.
EMD, which has offices in Dublin and London, hopes the shares will be taken up by institutional investors and members of the public, according to its chief executive, Mr Harris Freedman. An application has been made for a dealing facility to match trades in EMD ordinary shares under OFEX.
Minmet has a 26 per cent stake in EMD, but will dilute its holding to just under 20 per cent with the new share placing. Minmet founded EMD as Russia money in October 1994, but sold a controlling stake in the company earlier this year to a number of British based investors for £400,000.
EMD's editorial director is Mr Frank Fitzgibbon, a Sunday Tribune columnist who was previously managing director of the Sunday Business Post.
