AIM move for AIC
Article Date: Mar 29 2007Green technology investment firm Applied Intellectual Capital (AIC) has raised £20 million after listing on AIM.
The company, which specialises in the electrochemical technologies sector, placed 21 million shares at 95p each and had a market capitalisation of £40.2 million. AIC now has some 42.3 million shares in issue.
After admission, chief executive Stephen Clarke, chief technical officer Robert Clarke and chief operating officer Darron Brackenbury each hold a 16.6% stake in the company.
The money raised will fund the development of the business by providing working capital, increasing spending in the US and UK and repaying promissory notes. Clarke said: “We have technologies in our portfolio which have already attracted the attention of a range of industrial users and are confident that we can accelerate technology commercialisation.”
Mirabaud Securities was lead broker to the IPO. Its team was led by managing director Giles Morland and included head of research Julian Lakin. Mirabaud was introduced to the deal through contacts in the green sector.
Morland said: “Raising £20 million has allowed AIC to speed up the commercialisation of its key projects. Some of its work has the potential to change the face of the new energy and mining world.”
Smith & Williamson was reporting accountant after it was introduced to the deal by Mirabaud. Its team was led by two directors, Mike Bishop and James Riddiough, supported by Marco Bragazzi, Tom Hodgson and several other team members.
“The firm prepared a long form report after visiting the AIC’s premises in California, where we became increasingly familiar with the underlying technology and the basic principles of electrochemistry,” Riddiough said. “We worked closely with management, particularly incoming chief financial officer Robert Stoffregen, to refine and comment on the working capital projections.”
Nabarro Wells, led by directors Marc Cramsie and Jon Wilkes and manager Harry Stockdale, was nominated adviser and broker to the deal. Bird & Bird was AIC’s UK legal adviser.
US-based AIC funds the development and commercialisation of electrochemical technology for water purification, mine waste treatment, energy storage, renewable energy and sustainable resources. It made revenues of $5.1 million (£2.6 million) and a net profit before tax of about $900,000 for the year to July 31, 2006.
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