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Modern Water flows onto AIM

Article Date:  Jun 14 2007 James Crux

Modern Water gushed onto AIM on Tuesday following a £30 million, oversubscribed funding priced at 119p valuing the business initially at £70 million – by close of first day’s play, the shares closed at a small premium at 123p.

Established to find, develop and deploy technological solutions that meet burgeoning demand for the economic availability of fresh water and the treatment of waste water (less than 1 per cent of the Earth’s water is available for consumption), the business was brought to AIM by broker KBC Peel Hunt and will look to create value by buying assets through which it can deploy its technologies as through licensing and selling its technology to third parties.

Modern Water’s two core technologies include a desalination technology for sea water and a technology allowing sea water based domestic waste water to be treated to meet European Waste Water Standards.

Chairman Neil McDougall, formerly chairman of Swan Group, the holding company for Mid Kent Water, says Modern Water is ‘firmly positioned at the heart of one of the most important issues which the modern world has to face’, with demand for fresh water ‘increasingly inexorably’ and existing supplies limited.

AIM, he insists, will assist with the group’s plans to ‘deliver a lasting solution to this severe problem’. Technology commercialisation group IP Group holds 23 per cent of the equity.

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