Oxford Biomedia's debut flops
Saturday 14 December 1996
Oxford, a biotechnology group backed by Oxford University, saw its shares start dealings on AIM at just 42.5p yesterday morning, some 52 per cent below the 88p at which the shares were priced in October. They ended slightly up at 47.5p.
Sentiment took a dive earlier this week when it was revealed that the two main underwriters, Stockton Trading, a Bahamian-registered company, and Kaj Kjellquist, a private Swedish investor, had withdrawn their combined pounds 5m commitment to underwrite the pounds 6.15m then being raised. The move forced the company to delay first dealings until yesterday and reduce the amount being raised to pounds 5m, which Oxford said was its minimum working capital requirement, although it had originally sought up to pounds 11m.
Percy Lomax of sponsoring brokers Teather & Greenwood said the company was reserving its right to take legal action against the underwriters.
The flop is the latest in a list of disappointing biotechnology flotations. Earlier this year, Cambrio abandoned plans to float, and Xenova has been forced to cut the amount being raised by pounds 2.4m to pounds 22.6m.
The news came as Fountain Forestry said its placing would raise pounds 2.25m, half the original target of pounds 4.5m. Yeoman, a navigation group that also postponed its AIM float this week, saw its shares end 4.5p down on its 175p placing price.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Canadian woman suing police who locked her in van with sex offender who then raped her
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Gay couple buy JebBushForPresident.com web domain, and refuse to sell
Canadian woman suing police who locked her in van with sex offender who then raped her
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...