News blog
Tristel
- BY: Andrew Hore |
- POSTED: 07/11/2010 |
Tristel has raised £3.9m at 57p a share in order to accelerate its geographic expansion.
The infection and contamination control products supplier says that it was encouraged by investors to raise the cash.
Net debt was £270,000 at the end of June 2010 and that was expected to increase to £1.5m by next June because of increased working capital requirements and £950,000 of capital investment. Tristel will be able to increase its investment now it has the extra cash.
Tristel is paying Bruce Green, a director and inventor of the company’s chlorine dioxide chemistry, will receive £700,000 in return for a halving of the 5% royalty rate payable and a new fixed term for the contract.
The rest of the cash will pay off borrowings and finance the roll out of products in Europe and Asia as well as the move into new product markets.
FinnCap has updated its forecasts for the additional cash and shares. The 2010-11 profit has been edged up from £1.8m to £1.9m, while the following year‘s forecast has been increased from £3m to £3.9m. Earnings per share have been reduced from 6p a share to 5.6p a share for this year because of the additional shares. Next year‘s earnings per share have been edged up from 8.8p a share to 9p a share.
At 63p a share, Tristel is valued at £20.9m.
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