26th Jul 2024 11:44
Molten Ventures PLC - London-based venture capital firm, which invests in developing high-growth digital businesses - Announces commencement of new up to GBP10.0 million share buyback programme, to be financed through existing cash resources. Also says that Hologic Inc's acquisition of Cambridge-based, breast cancer-focused medical technology company Endomag has now closed, due to completion of the regulatory review. Company first invested in Endomag in 2018, and says transaction proceeds of around USD46 million are "modestly in excess" of Molten's GBP35 million holding value. Finally, Molten has agreed a new GBP180 million net asset value facility, effective from September 7, with JP Morgan Chase Bank NA and HSBC Innovation Banking Ltd. The debt facility comprises a GBP120 million term loan and a revolving credit facility of up to GBP60 million, both with a three-year tenor. It replaces the existing GBP150 million facility with the same lenders.
Chief Executive Officer Martin Davis says: "Today's confirmation of our exit from Endomag takes us to over GBP70m of the GBP100m in realisations we anticipate for the current financial year, which underpins our stated capital allocation strategy, and in particular the buyback which we are commencing today. We are delivering what we said we will deliver, and our new debt facility shows that we are doing so on the basis of prudent capital management."
Current stock price: 370.00 pence, up 6.0% on Friday in London
12-month change: up 31%
By Emma Curzon, Alliance News reporter
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