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FoaMasters International Ltd

  • BY: Andrew Hore |
  • POSTED: 07/03/2009 |

FoaMasters International Ltd intends to leave Aim and is offering to buy back shares at 23p each.

This sparked a 9p rise in the share price to 19.5p each, which values FoaMasters at £16.3m.

The polyurethane foam manufacturer joined Aim in December 2007. It wanted to raise $38m (£19m) but in the end it raised $2.7m, or $700,000 (£350,000) after expenses, at 77c (38.5p) a share.

Trading has been poor with a significant fall off in demand for foam products. The liquidity of the shares is poor and the share price has fallen significantly since flotation. That means that it is not worth the company issuing shares to raise more cash.

FoaMasters will seek shareholder approval at an EGM at one of its factories in China on 20 March 2009.

FoaMasters expects to leave Aim on 7 April 2009. 

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