Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
PhotonStar LED, which produces eco-friendly light bulbs with a claimed life of 11 years, is considering tapping AIM investors for around £5 million to fund acquisitions, says chief executive officer James Mckenzie.
Based at Romsey near Southampton, the company, which physicist Mckenzie founded in 2007 with a Lebanese business partner, expects to increase turnover tenfold to £2.3 million this year, has been profitable since August and wants to expand its sales network by taking over ailing lighting companies and upgrading them.
‘We are looking at AIM very seriously,’ says Mckenzie, who suggests that one route onto the junior stock market could be by reversing into an already quoted shell company. Funded hitherto by management and business angels, PhotonStar, whose products are protected by 14 patents, is now engaged on the national launch of a range of lighting products, which he claims are 85 per cent more energy efficient than conventional lighting equipment and 40 per cent better than the present generation of low-energy bulbs.
Demand comes from private houses, supermarkets and other public buildings. The company, whose board includes financier and mining company chief Martyn Konig, also carries out energy-saving refurbishments for hotels and other buildings, helping to save money on maintenance.
‘We have not started yet,’ declares Mckenzie, pointing to a £1 billion lighting market in the UK alone. He concedes that there is one big competitor around, in the shape of electronics giant Philips, but boasts that ‘we usually win on price and performance’.
Observers suggest that Swedish and other companies have been casting acquisitive eyes on PhotonStar of late, but argue that the company has not encouraged them. If Mckenzie goes ahead, he should be well received.
Subscribe today and save 50%. Receive company watch recommendations and extensive company profile tips, released two months ahead of the market.
Advertisement
£100 credit when you open five trades within 60 days – terms apply. Spread Trading is not for everyone please ensure you understand the risks as you may lose more than your initial deposit. Click here for more information.
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Advertisement
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Magnolia Petroleum (MAGP) has acquired 800 acres in the Mississippi Lime formation in Oklahoma.
Gold explorer Condor Resources (CNR) has reported encouraging results from drilling at its La India project in Nicaragua.
US-focused Nighthawk Energy is launching a $7.5 million program to invest in its Colorado-based Jolly Ranch project.
Africa-focused Tower Resources (TRP) has raised £5.4 million via a placing with a mixture of institutional investors and directors.
Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.