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Micap

  • BY: Andrew Hore |
  • POSTED: 28/04/2008 |

Micap is focusing on the food ingredients market. 

Micap has developed micro-encapsulation technology that uses single cell organisms such as yeast. This creates natural preformed micro-capsules. 

Management has decided to sell any non-core operations. It may reinvest any cash in acquisitions. It is looking at a number of possible targets.

Meanwhile, Micap will require some working capital in order to pay for due diligence on these potential acquisitions.

It is raising £210,000 from an issue of loan stock. The company’s directors are subscribing for £110,000 of this. The annual interest rate is 10%. The loan stock is redeemable two days after the next AGM or EGM but the holders will consider converting them to shares.

The shares rose 0.065p to 0.75p, valuing the company at £1.79m. 

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