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Provexis poised for £3.8m AIM float
Nutritional technology business Provexis is set to reverse onto AIM on Thursday 23 June, in a deal that will secure a £1.7 million paper profit for technology commercialisation specialist ANGLE.
Itself listed on AIM, ANGLE founded Provexis in 2000 with a view to developing a range of food and supplement-based nutritional technologies. Having originally invested £460,000 in the venture ANGLE’s stake is now valued at just over £2.1 million – representing a 4.6 times return on investment over the period.
Rather than cashing out, however, the technology accelerator’s management has chosen to increase its holding at this stage. Provexis is raising £3.8 million ahead of its reverse takeover of rival Nutrinnovator, with ANGLE providing £500,000 of this total. ‘[We] believe the value of Provexis may increase substantially following the placing,’ explains chief executive Andrew Newlands.
Broker Arbuthnot Securities is overseeing the transaction.
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