9th Sep 2014 09:45
LONDON (Alliance News) - Oxford Advanced Surfaces Group PLC Tuesday said it has completed a further GBP901,698 investment in its subsidiary Oxford Advances Surfaces Ltd.
The AIM-listed technology developer said last month that following a strategic review, it has decided to split its operating business, Oxford Advanced Surfaces Ltd, into a separate company. It said it believes that operating the business from within a listed group, with associated costs and regulation, is not the best means to achieve success.
The subsidiary owns and is developing its Onto surface treatments technology.
At the time, it proposed that new shares in the newly formed business be offered to potential investors including current management and investors, whilst leaving the publicly-listed company with no less than 75% of the overall shareholding in the new business. It said that if the plan was approved, the new business will establish its own board consisting of existing directors of the publicly-listed company and investor representatives.
It also said that the publicly-listed company will not have any on-going funding commitment to the new business, and the new business will seek any required financing independently.
In a statement Tuesday, Oxford Advanced Surfaces said the fundraising was successfully completed, with an additional GBP901,698 invested in OASL from the company, directors and other principal shareholders, including IP2IPO Ltd and the University of Oxford.
Following completion of the funding, Oxford Advanced Surfaces said it now owns approximately 77.54% of OASL.
The company also said that Chief Executive Philip Spinks will be employed directly as chief executive of OASL, while remaining as a non-executive director of Oxford Advanced Surfaces, whilst James Ede-Golighty becomes non-executive chairman.
Oxford Advanced Surfaces shares were untraded Tuesday mid-morning, quoted at 1.69 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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