27 June 2016

Flintstone confirms Biocote float

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.

Cash Shells 2015

Published in September 2015 this annual research report provides a comprehensive overview of cash shells on the Main Market, AIM and PLUS landscape. Order your copy today

 

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

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 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + 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

Stadium hit by profit warning

Stadium Group shares have been hit by a profit warning. This is a particular blow given the company’s progress in repositioning itself into a higher quality, design-led business.

Verona raises £42m to fund drug trials 

Verona Pharma (AIM: VRP) has raised an impressive £42 million net of costs which will fund phase II trials for its RPL554 compound. This drug targets severe respiratory diseases, in particular the 65 million worldwide sufferers from COPD (chronic obstructive pulmonary disease).

Income attractions at Belvoir

It’s fair to say that buy-to-let landlords have been under George Osborne’s cosh. He’s introduced a raised stamp duty rate and withdrawn higher-rate tax relief. However, Belvoir Lettings has seen little change in the market as far as its core lettings agency business is concerned. Furthermore, the shares have responded positively to a major acquisition which makes Belvoir the largest UK lettings agent.

Wincanton keeps on trucking

Wincanton CEO Adrian Colman feels his company is now back on an even keel after a period of fire-fighting. Debt has been brought under control, the pension deficit is being addressed, and onerous leases and contracts have been dealt with. A return to the dividend list illustrates these positive changes and the fact that management can now fully focus on growing the business.

VP maintains its reputation for quality  

Plant hire company VP continues to perform well against a mixed backdrop. Management said that the core infrastructure, housing and construction markets remained generally supportive and have offset weakness in oil and gas.

Redhall on the road back to profitability 

Redhall's interim results show the turnround at this specialist engineer is on track. The growth in the order book is particularly encouraging and lends credibility to forecasts of a significant return to profitability over the next couple of years.

More News