DVT turned in a solid performance on the day of its listing yesterday on the AltX of the JSE. Listing at R1 a share, it hit an intra-day high of R1,20 before settling down to a narrow band around its issue price.
There were a number of significant trades on opening day, says DVT CEO Chris Wilkins, with liquidity higher than expected.
"We are very pleased with the general outcome on listing day," says Wilkins. "Of course, we are not worried about the share price. If we manage the business as we have done since inception, we'll continue to trade profitably, invest wisely and return value to shareholders, which is what they expect of us."
DVT raised R15,8-million by way of a private placement. With 50-million shares in issue, this values the company at R50-million. The cash raised will be used primarily for acquisition purposes, for product development, and for working capital for growth.
"Our prospects are good," adds Wilkins, "especially in our core application development business, where we have a major competitive advantage through our track record of delivery. In line with our prospectus projections, we expect to report strong interim results at the end of November, and we anticipate strong growth into 2008 and beyond."
DVT employs more than 100 people, evenly split across Johannesburg and Cape Town. Its core business lines are bespoke software development, the sale of its packaged software applications, distribution of leading international software titles, and the provision of software skills in line with global best practice.