22 October 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 has been busy across its portfolio of assets

Magnolia keeps on drilling 17/10/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) has provided an update on its assets.

Tags: Oil and gas

NetPlay issues warning 17/10/2014

Gambling outfit NetPlay (AIM:NPT) has warned that it expects results for the third quarter to be below expectations.

Tags: Gambling, Trading update

Leni update on Trini 10/10/2014

Trinidad-focused Leni Gas & Oil (AIM:LGO) updated investors on its activities in the Goudron Field.

Tags: Oil and gas

Finsbury grabs Fletchers for £56m 10/10/2014

Baker Finsbury Food (AIM:FIF) has purchased competitor Fletchers Group for £56 million.

Tags: Acquisition

Shaft Sinkers trying to avoid further fall 01/10/2014

Mine shaft specialist Shaft Sinkers (AIM:SHFT) has announced it has received an expansion of its current loan facility. 

Tags: South Africa

Fulham Shore grabs Real Greek and moves to AIM 30/09/2014

Restaurant investor Fulham Shore has acquired Greek chain 'The Real Greek'.

Tags: Acquisition, ISDX

More News