Strong support for Zotefoams float
Wednesday 22 February 1995
"This offer has been substantially over subscribed, and Zotefoams is likely to have more than 100 institutional investors," said a spokesman for the company, which was bought out of BP three years ago for £20m and is now worth almost £53m.
Zotefoams products are used in safety and military helmets, toys, sports equipment, and hospital equipment such as neck braces and splints.
The placing will raise a net £14.2m after expenses and the cashing in of some shares by its three venture capital backers - 3i, Charterhouse Ventures, and Prudential Ventures.
Zotefoams' profits were £4.6m in 1994.
The flotation bandwagon of Expro International Group, an oilfield services company and another former management buy-out, was also set rolling yesterday with the publication of a pathfinder prospectus. Expro was bought out of Flextech in 1992 for £52m, and the flotation is expected to value the company in excess of £100m.
John Dawson, chief executive, was confident the placing and public offer of shares would succeed. "The business has progressed in the recent two to three years. We want to go on and capitalise on where we are," he said.
Expro's operating profits are forecast to emerge around £12m for the year to March.
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...