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Byotrol

  • BY: Andrew Hore |
  • POSTED: 21/12/2013 |

Antimicrobial technology developer Byotrol has raised £380,000 from a convertible loan note issue.

The cash will finance restructuring, including the buy out of the partner’s interest in Byotrol Consumer Products.

The conversion price is 5.46p a share and the annual interest rate is 10%.

New chief executive David Traynor subscribed for £50,000 of loan notes and three other directors subscribed for £130,000.

There was £585,000 in the bank at the end of September 2013.

Traynor says that Byotrol is in a good position to grow from a leaner base.

Byotrol hand hygiene products are listed in the NHS supply chain and Marks & Spencer is using surface cleaning products in its stores. There are plans for further product launches for Tesco.

In the six months to September 2013, Byotrol increased revenues by 7% to £1.71m. that includes a substantial one-off payment from Kimberly-Clark. Lower admin costs meant that the loss declined from £574,000 to £458,000.

At 5p a share, Byotrol is valued at £9.17m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf

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