MarineTrack, a telematics business supplying tracking, alert, alarm, monitoring and messaging solutions mainly to the commercial and recreational maritime markets is, says XSN, capable of delivering significant value to shareholders.

On readmission to AIM, XSN intends to change its name to MarineTrack Holdings plc.

'Our admission to AIM via this reverse takeover will not only enhance our profile, but it will also provide us with enhanced credibility and access to wider global opportunities within our key target markets,' said MarineTrack chief executive Stuart Nicholls. 'Ultimately, this should assist in the future development of MarineTrack as we look to exploit and build further upon our market position.'

Consideration for the acquisition is £1,475,000, to be satisfied entirely by the issue of 364,745,896 Consideration Shares at a price of approximately 0.4 pence per share to existing MarineTrack shareholders.

As part of a share reorganisation, each XSN shareholder is to receive 3.4 new XSN ordinary shares for each existing XSN ordinary share. Each new XSN share is expected to have an opening price of approximately 0.4 pence on re-admission to AIM.

The market capitalisation of the company on readmission to AIM is expected to be in the region of £2,562,000.

MarineTrack was established in 1998 by a group of telematic engineers specialising in remote medical monitoring. The company did well in the superyacht market, where owners wanted to track their expensive assets. In creating a solution MarineTrack developed what was widely regarded as the first Ship Security Alert System (SSAS).

The company continues to lead the market in the manufacture of high quality reliable Ship Security Alert Systems in the leisure and commercial marine markets, providing tracking solutions to well known companies including Shell and Royal Caribbean Cruises.