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Proventec

  • BY: Andrew Hore |
  • POSTED: 04/02/2008 |

Steam cleaning equipment supplier Proventec has raised £4.06m in convertible loan notes and plans a Euronext quotation. 

The loan notes are being issued to European investors outside of the UK. They pay an interest rate of 8.5% and are convertible into shares at 14p each. They are currently trading at 8.375p each. The loan notes are repayable at the end of 2012.

After expenses Proventec will receive £3.71m. The cash will be used to increase production of its steam cleaning equipment. Proventec recently won a tender to supply steam cleaning machines to the NHS. There is also interest in the equipment outside of the UK. Chief executive David Chestnutt also mentions the possibility of acquisitions.

Because of the increasing interest in the company by European investors Proventec has decided to apply for a listing on Euronext. This is expected to happen in the second quarter of 2008. It hopes that the additional listing will improve liquidity.

Proventec isn’t the first company to combine an Aim quote with a Euronext listing. Accsys Technologies has already got a secondary quote on Euronext and ACP Mezzanine intends to follow suit.

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