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NextGen Group

  • BY: Andrew Hore |
  • POSTED: 11/08/2009 |

Biomarker testing services provider NextGen Group has raised £750,000 from a placing at 0.1p a share with its major shareholder Family Trust Select.

FTS has increased its stake to 66.5%, or 76.6% if it subscribes for all of its warrants. FTS does not need to bid for NextGen because it is not deemed to be based in the UK so it is not subject to the Takeover Code.

Net debt was $371,000 at the end of 2008. In June 2009, NextGen raised £500,000 via a placing at 0.1p a share with FTS and each share came with a warrant to subscribe for another share at 0.1p any time over the following three years. At the same time, Peter Ertel also subscribe £270,000 for a convertible loan with an annual interest rate of 12%. The conversion price is 0.1p.

In March 2009, NextGen sold its electrophoresis business to Sigma Aldrich Corporation for $560,000 and an 8% royalty on global sales for three years. This completed the disposals of non-core operations.

At 0.085p a share, NextGen is valued at £2.16m. 

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