Bristol spin-out company AIMs high
Press release issued: 4 July 2012
Revolymer, the British polymer company co-founded by Professor Terence Cosgrove based on technology he developed at the University of Bristol, is to list on AIM, the London Stock Exchange’s international market for smaller growing companies.
Revolymer has conditionally placed a total of 25,000,000 Placing Shares with institutional investors at a price of 100 pence per Placing Share (“Placing Price”) to raise gross proceeds of £25.0 million.
The company has also announced that the admission of its entire issued share capital (including the Placing Shares) to trading on the AIM market of the London Stock Exchange plc ("Admission") is expected to take place on 10 July 2012. The Placing is conditional, inter alia, upon Admission.
Based on the Placing Price, the market capitalisation of Revolymer on Admission will be approximately £53.0 million.
Revolymer will use the net proceeds of the Placing primarily to expand the distribution of the Group’s confectionery gum products in the United States and into Europe, to fund additional regulatory dossiers in connection with its nicotine gum commercialisation, and to fund the development of its consumer specialties products.
Dr Roger Pettman, CEO of Revolymer said: “I am delighted with the success of our equity fund raising and with such strong demand for the Group’s shares. I will be pleased to welcome our new shareholders to Revolymer following Admission and thank them for their support.
“Revolymer has an exceptionally strong technology base and a portfolio of products that has the potential to deliver near term licences and launches of our own-branded and partnered products targeting multi-billion dollar FMCG markets.
“Admission to AIM will be an important step in our Group’s development, enhancing our profile and standing and providing the capital to support our strategic objectives. We believe we have the technology, commercialisation strategy and team to deliver substantial value to investors via the successful licensing of our portfolio of unique products to key players on the fast moving consumer goods industries.”