AMS shareholders approve £34m fundraising

SHAREHOLDERS of Winsford-based wound care products company Advanced Medical Solutions (AMS) have approved the board’s plan to raise £34m through a new share placing to allow it to buy German distributor Resorba.

Following a general meeting this morning, the firm has applied to admit more than 48m new shares onto the market tomorrow morning, which will bring the total number of shares issued up to more than 203m.

Investors are paying around 72p per share to help raise the £55m required to buy Resorba. AMS has said that it expects the deal to be earnings enhancing next year and that it would bring a number of benefits, including access to new markets and the potential to develop new products.

Resorba already distributes AMS’s Liquiband product in a number of overseas markets.