2nd Mar 2005 08:00
Castor Investments Plc02 March 2005 Press Release 2 March 2005 Castor Investments plc ("Castor" or "the Company") First day of dealings on the Alternative Investment Market Castor Investments plc, (AIM:CSI), an AIM cash-shell set up to invest in thehealthcare, life-sciences and support services sectors, is pleased to announcethat its shares have been admitted to trading on AIM today, under the tickersymbol CSI, following a Placing. Highlights • Castor has been established as an investment company in order to identify a single transaction or a series of related transactions whereby the Company would acquire an undertaking or undertakings suitable for admission to AIM. • Castor will be actively considering the acquisition of one or more related businesses based in the UK or Europe in the healthcare/life sciences or support services sectors. • The proceeds of the Placing of the New Ordinary Shares raised £1,060,000 million (before expenses). • Ruffler Bank Plc, a privately owned FSA authorised investment bank, will hold 20.6 per cent of the shares in the Company following Castor Investment's flotation. • Barry Muncaster, an angel investor in Voller Energy Group (AIM:VLR) and co-founder of BioProgress (AIM:BPRG) will hold 14.7 per cent of the shares in the Company following Admission, as will Ghaliston Limited, an FSA regulated corporate finance business. • Teather and Greenwood is the Company's Nominated Adviser and Broker. Commenting on the flotation, David Barton, Non-Executive Chairman of CastorInvestments, said: "With Castor successfully listed we now look forward toworking with our major shareholders in particular to identify suitableacquisition targets in our core sectors where they have significant experienceand expertise." Admission and Placing Statistics Placing price 5p Enlarged share capital immediately following Admission 27,200,000 Market capitalisation at the Placing Price immediately following Admission £1,360,000 For further information: Castor Investments plcDavid Barton, Non-Executive Chairman Tel: +44 (0) 20 7398 7700 Teather & GreenwoodStephen Austin, Corporate Finance Tel: +44 (0) 20 7426 [email protected] www.teathers.com Ghaliston LimitedTony Fabrizi Tel: +44 (0) 20 7435 7251 Media enquiries: AbchurchHenry Harrison-Topham / Peter Curtain / Chris Lane Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Introduction Castor has been established as an investment company in order to identify asingle transaction or a series of related transactions whereby the Company wouldacquire an undertaking or undertakings suitable for admission to AIM. Upon Admission, Castor will have no trading business or subsidiaries. TheCompany's cash resources following Admission will be placed on deposit and areintended to be applied in carrying out due diligence on potential acquisitiontargets, in funding, in whole or in part, the cash element (if any) of anyacquisition consideration, the capital requirements (if any) of the acquisitiontarget and the working capital requirements of the Company. In conjunction withany acquisition or acquisitions additional funds may be raised to meet anyfurther capital requirements and, where appropriate, to meet any further cashconsideration payable in respect of any such acquisition or acquisitions. The Company will be actively considering the acquisition of one or more relatedbusinesses based in the UK or Europe in the healthcare/life sciences or supportservices sectors. These businesses will be trading, rather than development orinvestment businesses with the prospect of substantial and sustained growth.There are a number of such prospects available to the Company and the Directorscollectively have experience in these sectors in the UK and in Europe. TheCompany should benefit from the Directors' established relationships in the UKand Europe to provide potential acquisition opportunities in the future. Having identified a suitable acquisition opportunity an appropriate duediligence exercise will be carried out, and appropriate reports prepared, by theCompany's professional advisers. The Board will then review such reports inconjunction with its advisers and if appropriate proceed with such acquisition. In the event that no such acquisition or acquisitions are made by the firstanniversary of Admission the Directors will on that date convene anextraordinary general meeting of the Company at which a resolution will be putto Shareholders to wind-up the Company. If this resolution is passed byShareholders the Company will be placed into liquidation and the availablecapital returned to Shareholders. Directors The biographical details of the Board of Directors are as follows: David Barton (aged 59) Non-Executive Chairman David is a Chartered Accountant (F.C.A.). After qualifying in 1969 with Coopers& Lybrand, he decided to leave the profession to pursue a commercial career. Hehas been actively involved in numerous business sectors, which have includedbanking and finance, property and construction and media. His currentactivities include being non-executive chairman of Smart Voucher Plc andFlexifoil International Limited. He also acts as a non-executive director ofRuffler Bank Plc. Alan Pereira (aged 55) Finance Director Alan is a qualified Chartered Accountant (F.C.A.). He has worked at severalmulti-national companies, including Dupont UK Holdings Limited and Canon (UK)Limited. He was finance director of the Internet Technology Group plc, Keystoneplc, e-capital investments Plc and ukbetting plc, where he assisted with thelisting of these and other companies to trading on AIM. Terms defined in the Prospectus have the same meaning in this press release. Copies of this document will be available free of charge to the public at theoffices of Teather & Greenwood Limited, Beaufort House, 15 St Botolph Street,London, EC3A 7QR and Lawrence Graham LLP, 190 Strand, London WC2R 1JN duringnormal business hours on any weekday (Saturdays and public holidays excepted)until the date falling one month after the date of Admission. - Ends - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Mercia Asset