Gulf starts at Sheikh Adi-2 25/05/2012
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Meon unveils Dermasalve deal
Skincare product developer Dermasalve has reversed into cash shell Meon Capital, chaired by serial shell director David Massie, in a deal valuing the business at £8.2 million.
Dermasalve Sciences specialises in a range of creams and other products to help those who suffer from dry skin. To effect the acquisition Meon will issue £3.85 million of shares to Dermasalve’s existing shareholders. If the business makes a pre-tax profit of at least £3.3 million in the year to November 2007, a similar amount will be paid plus £500,000 of loan notes. Meon has also raised £685,000 via a placing at 11p a share.
Dermasalve reckons that 15 per cent of the UK population have dry skin problems. The business, which only started selling its products last December, already has orders for its hand, foot and body creams from over 100 pharmacies. These products can also be ordered on prescription from doctors. In the seven months to June a £161,000 loss was made on £21,000 turnover.
The group is also researching the pharmaceutical properties of one of its products, Curcin, as a potential anti-tumour agent in conjunction with fellow AIM-listed company D1 Oils, a developer of biodiesel. Karl Watkin serves on both Dermasalve and D1 Oils’ boards.
Meon is chaired by David Massie who also brought Darwen Capital to the market in November 2003. He reversed cash machine maker Scott Tod into this shell. The founders are currently in dispute with Massie, following their dismissal prompted by a profit warning.
Meon joined the market in February last year at 15p. At the end of June the company had £1.09 million cash. Following the announcement of the Dermasalve deal the shares rose 1p to 11.5p, giving a value of £2 million.
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