BKN, the Cologne-based animation firm, has become the first renegade company from Germany's discredited Neuer Markt to be listed on the London Stock Exchange (LSE).
The Neuer Markt was for three years home to a host of high-flying new technology and media companies. But many of the companies collapsed, were embroiled in scandals or unveiled other nasty surprises. The market was recently closed down by the Deutsche Boerse. Many observers blamed lax listings requirements which allowed immature companies to raise large amounts of money for inappropriate business projects.
BKN, which produces programming including Legend Of The Dragon and Scruff, recently returned to profit after a period in the red and dramatic losses that stretched to Euros64m in the first half of last year.
The company, which recently raised Euros6.3m in a rights issue, joins the Alternative Investment Market (AIM), one of LSE's junior tiers under a cut priced-listing arrangement. It is not giving up its main listing in Frankfurt. At the Tuesday night (Dec 16) Frankfurt price of Euros1.55 per share, the company has a market capitalisation of Euros17.9m.