I am delighted to be able to report on yet another milestone in the development of the Kepstorn offering. Donald Stewart, one of our lawyers who specialises in corporate finance and quoted companies, has just completed a reverse takeover acting for Kin Group PLC of Bidstack Ltd, a placing to raise north of £4 million and the readmission of the enlarged share capital to the AIM market of the London Stock Exchange of the re-named Bidstack Group PLC. Kepstorn are solicitors to the quoted company and Donald is also its non-Executive Chairman. This is an enormous vote of confidence in Donald and his work in the public company market. As a former Chairman of the Quoted Company Alliance, Donald has been involved in corporate finance and public company work for most of his career, something that is recognised by his peers and by his clients.
As I have said on a number of occasions, the London market is powering ahead on all fronts and, even with “Brexit” looming, is showing no signs of any real concern, let alone “distress”. As the engine room of the UK economy (the tax revenues generated in London dwarf those of the rest of the UK), it is essential that this remains so and is the reason why Kepstorn is keen to maintain and grow its presence in that market.
What may be of more general interest, given the recent focus on this area, is that Bidstack has developed and is proposing to further develop software which allows it to place advertising directly into video games in places where such adverts will appear “natural” to the game and not distract the gamer or affect his or her experience of the game. The potential market for this software is enormous as approximately one third of the population of the planet now play video games and represent a demographic which is difficult for advertisers to reach through other channels. As a result, Bidstack is thought to be “ahead of the curve” and its fundraising was heavily oversubscribed. Ann Gloag, the co-founder of Stagecoach, has purchased 3% of the enlarged Group.
It is a sign of the times that Kepstorn can help companies with cutting-edge technology which may be relatively early in their development to gain access to finance in public markets and to the increased profile and credibility that a listing provides. Kepstorn plans to be involved in more of these transactions in the near future. We are always happy to discuss potential opportunities with entrepreneurs and investors.