KleenAir Systems has taken a 3.85% stake in NoNox, which provides pollution filters for boilers and heating systems, and the two companies may combine their activities.
KleenAir, which supplies filters to clean up vehicle emissions, believes that there is potential for synergies between the two companies. NoNox’s main market is Italy, which could help KleenAir enter that market. The two companies had talked about a reverse takeover but they decided against that move.
The retrofit market is expected to provide significant opportunities for at least five years.
KleenAir has raised £1.17m from a share placing at 15.75p a share - against 16.5p in the market. The shares have warrants attached which enable the holder to subscribe for new shares at a 25% discount to the price of any share placing before the end of 2008. If there is no placing then it will be a 25% discount to the average price in the last 90 trading days of 2008.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.