SPARK advises Sky High plc on sale to Tracsis plc

SPARK Advisory Partners Limited (“SPARK”) has acted as independent financial advisor to AIM-quoted Sky High PLC in relation to the formal offer for Sky High’s issued share capital by Leeds based Tracsis PLC, also an AIM quoted company. Sky High is a traffic data collection, aggregation and analysis company that provides primary information to a variety of clients that include government bodies, private companies well known within the market place, and public sector groups. Its primary markets are the transport and people moving sectors ranging from highway agencies, stations and railways to festival/conference organisers.

Sky High operates a portfolio of technology and services to cover all types of survey requirements including a variety of video capabilities and Bluetooth sensing devices. The market need for the services provided by Sky High are diverse with data capture being utilised for budgetary, planning, infrastructure design, and general economic and income forecasting, all of which are becoming increasingly important in the present economic and political climate. AIM quoted Tracsis plc has made a recommended cash offer for the entire issued ordinary share capital of Sky High at 15.25p per Sky High Share, valuing the company at £3.28 million. The Offer represents a premium of approximately 69 % to the Closing Price per Offer Share of 9p on the last Business Day prior to the date of the Announcement; and a premium of approximately 77% to the weighted average Closing Price per Offer Share of 8.6p for the six months prior to the date of the Announcement. The high premium was endorsed by shareholders accounting for over 70% of shares in issue giving irrevocable undertakings to accept the Offer. SPARK Partner, Sean Wyndham-Quin, said: “We are pleased to be associated with Sky High on a transaction which makes sound commercial sense for both Tracsis as acquirer and Sky High as recipient of the Offer. It is pleasing too that most of the advisors to the transaction were regionally based, providing a strong endorsement of the strength of regional professional services”.