Eleksen reverses onto AIM

'Smart fabric technology' specialist Eleksen is joining AIM through a reverse takeover of cash shell Bora Communications.

Loss-making Bora, one of the many shells suspended this week under the new AIM rules, is to issue £18.9 million-worth of shares to Elekson at 50p (after a one-for-five consolidation), a 43 per cent premium to its adjusted pre-suspension price. The deal will give Elekson holders 93 per cent of the new company, to be called Elekson Group, which will have an opening AIM tag of £20.4 million.

Headed by chief executive Robin Shephard, Elekson makes touch-sensitive fabrics used to control electronic devices, such as Apple's iPod, and fabric keyboards for use with smart phones, personal data assistants and mobile PCs. WH Ireland is broker and City Capital Corporation nominated adviser to Bora.

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