Belgravium shares leap on takeover approach

SHARES in Belgravium Technologies jumped 40% yesterday after it announced it had received a takeover approach.

Bradford-based Belgravium, which supplies and manages a range of mobile computing services with a focus on the logistics, transportation and mobile retailing sectors, has been approached by developer of GPRS-based systems for the vehicle placement and security markets, Trakm8.

Belgravium Technologies shares were up 40% at 6.97p yesterday afternoon, while Trakm8 shares were trading 13.7% higher at 79p.

Belgravium said the approach by Dorset-headquartered Trakm8 may or may not lead to an offer being made for the company. Under the City Code on takeovers and mergers, Trakm8 has until 5pm on August 4 to either announce a firm intention to make an offer for Belgravium or not.

Belgravium increased pre-tax profits to £400,000 in the year to December 31 despite revenues falling slightly to £8.425m from £8.669m.

Trakm8 saw revenue rise 94% to £9.19m in the year ending in March.

The telematics company uses analytics to improve driver behaviour and is a leading technology designer, developer and manufacturer of telematics products and solutions.The group distributes its hardware and software through a network of distributors worldwide.