Investor backing for AIM float
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.FLOTATION of medical technology firm Creos International has won a vote of confidence from its venture capital backers, with most agreeing not to cash in when it hits the Alternative Investment Market on Wednesday.
Two-thirds of the shareholders, including the directors, have committed themselves not to sell for two years without broker Greig Middleton's permission, and several are lining up to buy some of the pounds 4.3m of shares on offer. Mercury Asset Management and Ivory & Sime are among the backers.
The six-year-old, Fife-based firm is seeking the listing, which will value it at pounds 23.4m, to help fund expansion at a time when medical scanner manufacturers are turning more to outside component suppliers.
At the heart of its technology is a new light-weight, high-voltage transformer able to drive X-ray machines with greater precision and less risk.
Whereas ordinary transformers use coils of wire housed in heavy, bulky cabinets, Creos has replaced that with printed circuit boards that it stacks eight high.
The units can be mounted on CT scanner arms, which can continuously spiral around patients, without the reversing that stops traditional heavy power cables getting tangled. "It's small enough to be hand-carried into an X-ray room, rather than being taken in on a fork-lift truck," said David Stevenson, managing director of the company's UK arm.
Although Creos is forecasting losses of up to pounds 1.5m in the year to 30 September 1996, it expects profits of pounds 2.3m by 1998. It estimates the potential medical market for its products at more than pounds 6bn and is looking at ways to apply the technology to power lasers and industrial X-rays.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments