Byotrol to raise £4m
MANCHESTER bug buster Byotrol is to launch a £4m share offer to shore up its finances.
Broker Charles Stanley Securities will place 36.3m new ordinary shares at 11p each if shareholders give the go ahead at a general meeting on November 19.
AIM-listed Byotrol, whose anti-microbial technology targets superbugs such as MRSA, said it would use the cash for working capital and to equip a new technical centre.
It admitted that cash reserves had been depleted by fewer sales than expected and admitted the directors would be forced to consider an alternative if shareholders do not approve the plan.
Unaudited management accounts to September 30 show turnover of £400,000 and a loss, before share scheme charges, of £1.1m.
The offer represents 43.4% of the enlarged share capital of the group. Chief executive David McRobbie and deputy chairman Stephen Falder are both taking 227,273 shares.
Mr McRobbie, said: “The capital injection of £4m will enable the company to equip a new technical centre for research purposes, finance a training and recruitment programme to strengthen sales and marketing and develop its global brand further.”
Interim results for the six months to September 30 are due on November 24.
