© blacksnake dreamstime.com Electronics Production | June 12, 2013
Versarien acquires Total Carbide
Cinderford based start-up Versarien, which develops advanced micro-porous metals for thermal management, has acquired Total Carbide Ltd (a manufacturer of sintered tungsten carbide components, located in Princes Risborough).
Furthermore, Versarien also commenced dealings on the Alternative Investment Market (AIM) of the London Stock Exchange. The company has raised a total of GBP 3.0 million (before expenses) through a placing of 24,489,799 ordinary shares at 12.25p per share. Immediately following admission, Versarien has 83,076,085 ordinary shares in issue. This gives it a market capitalisation of GBP 10.2 million (at the placing price). Versarien has used the net proceeds of the AIM floatation to acquire Total Carbide Ltd (a manufacturer of sintered tungsten carbide components, located in Princes Risborough) from Elektron Technology plc for a sum of GBP 2.28 million (GBP 1.58 million in cash and the balance in Versarien shares). The acquisition of Total Carbide will give Versarien access to manufacturing assets in order to expand production of the VersarienCu thermal interface product (a micro-porous copper). Commenting on Versarien’s admission to AIM, the company’s CEO Neill Ricketts said: "The board is delighted with the successful admission to AIM today. This listing makes both strategic and commercial sense as we take Versarien to the next stage of its development. We look forward to working with our new shareholders and we would like to thank them all for their support and the confidence they have shown in the future of Versarien.” “With the funds successfully raised, we can now complete the acquisition of Total Carbide enabling the Group to develop its commercial proposition, product portfolio and manufacturing capabilities. We intend both to build on the current profitable business of Total Carbide and to use its automated facilities to manufacture VersarienCu. This in turn enables Versarien to tap into the large and high-growth market for thermal management, and we look forward to developing innovative products to capture this opportunity using our proven leading edge technology."