RISINGSTARS PORTFOLIO COMPANY ADMITTED TO AIM
17 October 2006
Plant Impact plc has become the latest RisingStars Growth Fund portfolio company to be admitted to AIM, operated by the London Stock Exchange.
Trading of the company’s shares commenced yesterday after they raised £3.85 million in gross proceeds through a placing of 10,139,475 ordinary shares, representing approximately 44% of the enlarged capital of the company. The placing at start of the first day of trading was 38 pence per share, giving a market capitalization of approximately £8.8 million at admission. At close of business yesterday, Plant Impact was listed at 54.5 pence, a 43 percentage increase on the day’s trading.
Plant Impact has developed a range of non-toxic and ecologically-sound crop nutrients and natural pesticides which improve the health and productivity of crops. The company’s products allow crops to be grown in a way that is better for the environment, the consumer and the grower, whilst increasing yield, quality and shelf life. The company’s technologies are mainly for use on high value fruit and vegetable crops grown under glass and polythene, such as tomatoes, cucumbers, strawberries and peppers.
The RisingStars Growth Fund first invested in Plant Impact in December 2003, when £30,000 was provided as a pathfinder investment, for seed corn funding to support the cost of research and development. Since this time, the company has received further support from RisingStars, totalling some £870,000.
Jonathan Diggines, Chief Executive at Enterprise Ventures, said, “Enterprise Ventures, with its RisingStars Growth Fund, aims to support the development and exploitation of new technologies which meet the needs of industry and consumers today and for the future. Plant Impact is a prime example of what the Fund can achieve”.
Plant Impact seeks to position itself to address consumer, regulatory, political and market demands for greater food safety and sustainable agriculture by the development and introduction of acceptable, non-threatening technology.
Mark Wyatt, EV Investment Manager for the deal and non-executive director of Plant Impact, said, “Plant Impact has developed a broad range of proprietary technologies and products that address substantial global markets. This fundraising has provided a solid foundation for the next phase of the company’s growth”.
Martin Robinson, non-executive Chairman of Plant Impact, commented, “The admission of the company’s shares to AIM marks another key milestone in the development of Plant Impact. The funds raised from the placing will be used to finance further development, the launch of new products, an increase in sales and marketing activities, assist in creating strategic partnerships and to finance the company’s working capital needs.”