22 September 2014

Flintstone confirms Biocote float

30/12/2002

As foreshadowed here in early November, investment company Flinstone Technologies, which today released interim figures, has revealed plans to float one of its investments, powder coatings outfit Biocote, on Aim next year.

Flintstone, which joined Aim in June raising £4.5 million net at 33p per share, has stakes in five different early-stage ventures, many originally developed by Russian scientists. In the six months to the end of September the group made a £669,000 operating loss, 17 per cent more than in the corresponding period in 2001.

The powdering process behind Biocote, which was created in Wolverhampton, creates hygienic surfaces for use in healthcare, food processing, white goods, such as fridges, and other appliances. An early stage investor was the first Oxford Technology Venture Capital Trust.

Flintstone picked up a 25 per cent stake in the group two years ago, subsequently increased to 40 per cent, and now wants to realise an exit by floating the company on Aim. At the end of last year Oxford Technology, which retains a 10 per cent stake in the group, valued Biocote at just £555,000.

Flintstone chairman Glyn Hirsch claims the company is 'nearing profitability' and now wants to raise more money in a placing to 'expand the business' and so is preparing the company for admission to Aim 'during the first half of 2003'.

Oxford Technology's second VCT has invested in another of Flintstone's companies, Hardide. This developer of super-resistant coating for metal machinery, which enhances their performance, is completing a £2 million fundraising, which will reduce Flinstone's stake from 55 per cent to 45 per cent.

Hardide, which is a Russian idea, is valued at £2 million. The fresh funds will enable it to buy manufacturing plant and move to fresh premises.

Another Russian enterprise, rechargeable battery developer Intellikraft, is struggling following the departure of Yuri Spirin as chief executive, who founded the company from scratch.

Flintstone's shares have fallen 13.5p, or over a third, to 19.5p since flotation. The company is currently worth £9.27 million, nearly twice its net asset value at these results of £4.98 million.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

Latest small-cap and growth company news

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.

Popular News

Latest News

The company is active in a number of gold projects in South America

Orosur looking solid 19/09/2014

South American gold producer Orosur Mining (AIM:OMI) reported a decline in production in its first-quarter results.

Tags: Gold

Petroceltic wins Egyptian award 19/09/2014

Oil explorer Petroceltic International (AIM:PCI) reported that it won a new licence for Egypt.

Tags: AIM oil and gas, Business in Africa

Avanti wins Kenyan deal 12/09/2014

Broadband-by-satellite operator Avanti Communications (AIM:AVN) has won a deal to provide its services in Kenya.

Tags: Business in Africa, Contract wins

Mariana pushing hard at Condor de Oro 12/09/2014

Latin American gold play Mariana Resources (AIM:MARL) has reported results from its drilling programme in Peru. 

Tags: Gold, Mining

Karelian finishes sampling programme 04/09/2014

Finnish miner Karelian Diamonds (AIM:KDR) has completed the sampling programme of three target regions.

Tags: Diamonds, Mining

Urban & Civic wins Cambridge plan 04/09/2014

Property developer Urban & Civic (LSE:UANC) has won a deal with the MoD to redevelop former RAF barracks.

Tags: Property

More News