25th Aug 2015 16:31
LONDON (Alliance News) - Oxaco PLC on Tuesday said it intends to acquire Cronin 3D Ltd and conduct a share placing to raise GBP3.3 million that will provide working capital for the combined group.
In a statement, the AIM-listed company also said it plans to shed its entire shareholding in Oxford Advanced Surfaces Ltd through a return of capital to existing shareholders and to seek to cancel its share premium account.
It is raising the GBP3.3 million by issuing 132.0 million new shares at 2.5 pence per share. It also is conducting a share reorganisation.
The proposals require shareholder approval. The company then wants to change its name to Cronin Group PLC.
It said the acquisition of Cronin 3D, a university spin-out created to commercialise a platform intended to discover and make nano-materials for use in pharmaceuticals, will give it access to a new pipeline of intellectual property and research capability.
According to Oxaco, Cronin 3D's platform is enabled through the application of 3D printing and related technologies for proprietary chemistry.
Separately, Oxaco said it made a GBP446,000 pretax loss in the six months ended June 30, compared with GBP546,000 in the corresponding half the prior year. Its losses primarily relate to costs of research, development and administration.
By Samuel Agini; [email protected]; @samuelagini
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