Software company in AIM float mix-up

The planned flotation last week of a US accounting software company on the Alternative Investment Market has been delayed until at least Christmas amid signs that it may not take place until the New Year.

Minnesota-based Open Systems Holdings had planned to float on AIM on 6 December. Company chief executive Michael Bertini told Accountancy Age the flotation was the key to setting up a major UK operation and a 200-strong reseller channel for its product, Traverse. This week, however, he brushed off concerns over the delay as insignificant. ‘We are in the run up to Christmas. These things slip,’ he said.

William Tebbit, director of Butterfield Bank, which is sponsoring the flotation, denied there had ever been plans to float last week. He said: ‘There was never any intention to float last Friday. I anticipate floating before Christmas, but this may slip into the New Year.’

The UK accounting software industry’s trade association BASDA said it was ‘extremely concerned’ at the turn of events. BASDA director Dennis Keeling said: ‘We are keen to ensure all accounting software flotations go smoothly as they reflect on any other developer who wants to go for an AIM listing.’

Under AIM rules a company is only required to give 72 hours notice of an intention to float on AIM. But last week it signalled a major tightening of rules to beef up regulations since trading started 18 months ago.