Home > Press > Oxonica Completes £2.6 million Rights Issue
The Group has raised approximately £2.6 million through the issue of 38,478 new ordinary shares £67.89 per share.
Oxonica Completes £2.6 million Rights Issue and Employee Subscription
February 7, 2005
Oxonica Limited, a leading European group developing commercial solutions based on nanotechnology, announces today that it has completed a further round of financing, through a Rights Issue and Employee Subscription.
The Group has raised approximately £2.6 million through the issue of 38,478 new ordinary shares £67.89 per share. This includes 2,006 shares issued to employees who were invited to subscribe for shares at the Rights Issue price. The issue was substantially underwritten by Seighford Investment Company Limited and Mr Richard Farleigh, both of whom were founder investors in Oxonica and was well supported by the Group’s shareholders, including the three largest investors; BASF Venture Capital GmbH, Foresight Technology VCT and TriVest VCT.
As well as raising additional funds, the Rights Issue triggered a previously agreed restructuring of the Group’s share capital as a result of which Oxonica now has a single class of ordinary shares.
The greater part of the proceeds will be used to provide working capital and to support the global commercial roll-out of the Group’s market leading products; Envirox (Tm) Fuel Borne Catalyst and Optisol (TM) UV Absorber. Envirox has already been adopted by Stagecoach Group plc for use in its UK bus fleet and an agreement has also been signed with DMX Technology Corp to distribute the product into premium branded diesel fuel in the Philippines, in partnership with BASF. Optisol has been selected by Boots Group as the UV filter for incorporation into their new range of Soltan Facial Suncare products.
Commenting on the Rights Issue, Dr Kevin Matthews, Oxonica’s Chief Executive said:
“We are delighted with the response to the Rights Issue, particularly as it demonstrates a high degree of confidence on the part of both shareholders and employees in Oxonica as it begins the full-scale, global commercialisation of a number of key technologies.”
Richard Clarke, Oxonica’s CFO added:
“Following the Rights Issue and associated restructuring, Oxonica now has a straightforward capital structure, which will facilitate future corporate development. Most importantly, it has successfully raised funds to take the company to the next stage of growth.”
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