Surveillance, security and defence products specialist Croma has raised £250,000 at 5p and is poised to clinch two more acquisitions.

Hereford-based Croma, which lost around £600,000 last year because of contract delays, has raised the money through a placing with one institutional holder at 5p, at a premium to its AIM price of 4.63p, up 0.38p today. Headed by serial entrepreneur John French, the acquisitive company has also agreed new terms with its banks to 'continue the development and expansion of the group'.

French says Croma is close to signing contracts to buy two companies for cash and shares. One should broaden Croma's presence in speciality surveillance, the other should take it into biometric asset protection and both are 'very profitable'.

Well down from previous peaks, Croma shares have rallied 40 per cent since Growth Company Investor noted their 'speculative recovery appeal’ last month. If the planned acquisitions live up to expectations, they could make further progress.

Croma Group	AIM	£3.55m	2.00p	0.00p
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