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Mastermailer, a stationary company looking to expand into the European and North American markets, has joined PLUS Markets.

The company issued 850,000 shares – about 26.6% of its enlarged issued share capital – at £1 each to raise £850,000. The float gave the company a market capitalisation of £3.2 million.

Some £244,000 will fund Mastermailer’s expansion, with the remainder – about £261,000 – used to repay debt.

After admission, chairman James Perry owns a 12.9% stake in the company, while chief executive Stephen Black and director Claudia Black each hold a 11.3% stake.

Stephen Black said: “The raising of these funds acts as an important strategic step in ensuring our expansion into new markets. Maintaining our high growth rate, whilst leveraging Mastermailer’s IP and know-how into new geographical markets, will be key to Mastermailer’s ongoing success.”

Howes Percival was legal adviser to Mastermailer. A team from its Milton Keynes office, led by director of corporate services Peter Cox, included solicitors James Cross and Georgina Mercer.

Cox has known Mastermailer’s directors since the company was established following a management buy-out in 2001. He said: “It is refreshing to see a company with an innovative idea grow and prosper.”

Mastermailer appointed Clement Keys as its reporting accountant, with partner Ross Cocker leading a team that included partner Michael Meakin and senior manager Jo Watkin.

Clement Keys liaised with Mastermailer’s directors and other professional advisers to ensure regulatory compliance and advised on the implications of corporate governance when the company sought admission to PLUS, as well as the directors’ ongoing obligations. “This is a company with an exciting product having a high market potential,” added Cocker.

Dawnay, Day Corporate Finance, led by David Rae, was corporate adviser to Mastermailer.

Based in Enville, Staffordshire, Mastermailer mostly supplies stationery to the UK pay advice market. Its subsidiary – Mastermailer Stationery – owns Mastermailer, a mailer that combines an A4-sized letterhead with an envelope on one self-seal form.

The company generated a £1 million turnover and a profit after tax of £290,117 for the year ended June 30, 2006.

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