Fitzwilliam Capital sees €2m shares change hands in exchange debut

MOBILE communications company Fitzwilliam Capital had a busy debut on the Dublin stock exchange yesterday, as shares worth almost €2 million changed hands.

The company yesterday became the tenth to take a listing on the Irish Enterprise Exchange (IEX), the new secondary market created by the exchange to mirror London’s successful Alternative Investment Market (AIM).

Exploration company Lapp Platts was admitted to the IEX earlier in the summer, joining the eight companies whose listing was transferred from Dublin’s Developing Companies Market (DCM) or Exploration Securities Market (ESM) to IEX when it was set up in April. The DCM and ESM then shut down to make way for the IEX.

Irish Stock Exchange (ISE) listings director Deirdre Somers said: “We are delighted to see Fitzwilliam Capital join the IEX market.

“It is worthwhile highlighting the reasons why Fitzwilliam Capital, a London-based firm whose business is based in Germany, chose a quotation on IEX - the enhanced liquidity that a euro-denominated quote and trading facility on IEX will bring to the shares, and the fact that the IEX requirements and regulatory regime are similar to those of AIM in London, where the shares are also quoted.”

Fitzwilliam, which is headed by Irish venture capitalist Pierce Casey and has a market capitalisation of almost €90m, announced its decision to list on the IEX last week after revealing plans to buy Getmobile, a German mobile company, for €65m.

Fitzwilliam shareholders voted earlier this week to change the name of the firm to Getmobile to reflect the new focus of the combined business.

The Getmobile business was set up in 1998 and sells mobile phones and bundled services through the internet, TV and mail-order.

Sales in 2005 are expected to exceed €70m. It earned profits before interest and tax of €4m last year on revenues of €51m.