02/11/2006
Loss-making Accsys Technologies has raised £6.5 million to develop its engineered wood products business.
AIM-quote Accsys, known for its wood hardening and preservation process and other technologies, raised the money through broker Collins Stewart at nearly £1 a share and says the placing was oversubscribed. The company, which lost £5 million in the year to March, has hitherto focused on its solid wood product, Accoya, 'completely non-toxic and made from exclusively from sustainably forested wood'.
Executive chairman Willy Paterson-Brown says Accoya has received 'a fantastic reception from our target market'. As a result, he claims Accsys continues to attract 'an enviable list of blue-chip investors'.
At £1, down from this year's peak of 156p, Accsys shares value the company at £203 million.
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