Byotrol raises £2.4m in shares placing
BYOTROL, the North West pioneer of anti-microbial hygiene technologies, is raising more than £2m through a shares placing.
The AIM-listed company, which has bases in Warrington and Manchester, said the funds will be used for continued ‘product, technological and brand development’ as well as fulfilling existing contracts towards the goal of sustainable profitability.
Its fund-raising is a placing of 31.7m new shares and subscription of 1,086,667 new shares at 7.5p to raise £2.46m before expenses.
Chief executive Gary Millar said: “”The placing will enable Byotrol to deliver on major contracts and build upon the excellent progress made in recent months.
“The continued support of our existing shareholders coupled with the interest of new institutions bears out the company’s strategy for growth. The directors are confident that the company will soon deliver on that strategy and generate revenue growth as focused partnerships and major contract wins come to fruition.”
Byotrol said the last 18 months has seen it make significant progress, and had delivered growth in the industrials sector; made a ‘compelling case’ for its brand focus in food and beverages; made a strategic change in healthcare; and developed its strategy in global consumer products in partnership with a US Fortune 150 company.
It added: “Furthermore the company has increased brand awareness across all focus areas and now has a proven supply line and in-store adoption in major high street chains and specialist suppliers.
“The agreement with Rentokil Initial plc, announced on 20 July 2011, in particular reflects the momentum which is currently being generated and represents a major opportunity for Byotrol.”
