Sports nutrition firm to raise £15m in share placing
East Lancashire-based sports nutrition company Science in Sport is bidding to raise £15m with a share placing on the AIM.
The proceeds of the over-subscribed placing will be used by the company to invest in the US sports nutrition market, specifically to support online distribution, football and in Italy.
The Nelson company, which manufactures and markets sports nutrition products for professional athletes and sports enthusiasts, will raise the cash through the issue of up to 21,425,420 new ordinary shares at the offer price of 70 pence per share to raise £14m before expenses.
An open offer for an aggregate of 1,425,420 offer shares on the basis of one new ordinary share for every 32 existing ordinary shares, at 70 pence each is set to raise up to about £1m before expenses.
Science in Sport chief executive Stephen Moon said: “Science in Sport has quickly grown to become a leader in endurance sports nutrition for elite athletes, but our ambition is to capture a much bigger market share and to expand internationally beyond our now profitable core business.
“The US market and football present highly compelling growth opportunities and the new funds will allow us to implement our plans to increase our position and brand awareness in these markets, as well as invest in the development of our e-commerce platform.
“We are delighted with the level of support from current and existing shareholders, which has been demonstrated by the significantly oversubscribed placing. We believe this is a great endorsement of our strategy and path to profitability and we look forward to updating the market on our progress in due course.”
