Adam Smith Limited Home Page

Case Study
AND International Publishers plc

  • Appointed to raise significant funds for Dutch electronic publishers, AND, ASL was able to lead the company through an array of complex issues and secured £2.5m from an AIM flotation. This led the company to float in Holland where its share price rose by nearly 300% in just six months.
  • With such track record of success, AND returned to ASL three years later to guide them through the sale of a subsidiary.
  • In late 1995, ASL was introduced to AND by Oxford University Press, which had taken a stake in the Dutch company for its advanced compression software. Needing finance to extend its profile and operation into America, ASL was appointed as the company's advisers. To gain the desired international recognition, it was decided to seek a placing and listing on AIM.
  • At the time, AND operated across four key business areas from Electronic Publishing, focussing on reference and educational information, Operations Research, providing complex route planning, Mapping, for geographical databases and Identification, the development and implementation of access control systems using biometric smart card technology. All AND's business activities were based on the company's core data compression and indexing technology and the company was known for successfully producing a single CD-ROM version of the Oxford English Dictionary.
  • Working with all the divisions, ASL helped to prepare a business plan for each, careful to ensure that the information contained within each individual document had been verified and checked in readiness for the flotation prospectus. These were then pulled into one complete business plan for the group.
  • Having prepared the group business plan, this document was then used to produce the prospectus and other documents the brokers would use in their presentations to institutions. However, the job did not finish there. Committed to the client's success, ASL conducted many of the presentations to the institutions using its ability to put complex issues into plain English to secure their interest.
  • As a result, AND raised £2.5million on AIM and then went on to rise further funds on the Amsterdam Stock Exchange.
  • In 1999, ASL advised AND in its first post-float acquisition of European Map Graphics International Cartographers.
  • Three years later, ASL was invited to sell off AND Identification BV, a subsidiary of AND. ASL successfully found a purchaser of its smart card technology company.

Adam Smith Limited is a member of the Financial Conduct Authority
Use of this site is governed by our Terms & Conditions