25 May 2012

Cinpart scoops £1m

22/12/2009 Robert Tyerman

Electrical components maker Cinpart has raised £1 million at 12.5p to set up subsidiaries in Australia, Thailand, southern Europe and elsewhere.

Executive director Christopher Foster has subscribed for almost a quarter of the placing, which will help establish companies to sell and install AIM-quoted Cinpart’s VoltageMaster equipment for cutting superfluous voltage from input electricity for lights, heaters and other machinery. Cinpart’s factory in Thailand will supply VoltageMaster equipment for these overseas markets, while SDC in Scotland, owned by VoltageMaster inventor Stephen Coomes, will continue to supply the UK market.

Coomes also owns 27.8 per cent of Cinpart’s subsidiary Active Energy, which it says is in ‘preliminary discussions’ with ‘a UK-focused blue-chip energy supplier’ about forming a strategic partnership to develop new markets for VoltageMaster. Floated at 15p 11 years ago, Cinpart shares had collapsed to 1.88p before Foster began to make an impact.

Highlighted by Growth Company Investor at 3.25p in March, they now trade at 14p, valuing the company at £11 million, and should go further if VoltageMaster continues to make progress.

Tags: AIM, Fundraisings, Undervalued

Sector: Electronic & Electrical Equipment

Companies: Active Energy

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