Business
Placing raises EUR9.8million
Placing raises EUR9.8million.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n Accsys Technologies PLC\n02 November 2006\n\n\n\n\n\n\n\nLondon, 2nd November 2006\n\n\n AIM: AXS\n\n\n\n Placing of New Ordinary Shares, Raising €9.8M\n\n\n\n\n\nAccsys Technologies PLC ('Accsys' or 'the Company') announces today that it has\nraised €9,802,295 (before expenses) by way of a placing of 6,623,172 new\nordinary shares of €0.01 each ('Placing Shares') at €1.48 per Placing Share (the\n'Placing'). The net proceeds of the Placing, which was arranged by Collins\nStewart Europe Limited, will provide the Company with additional funds to\naccelerate the development and expansion of its business.\n\n\n\nWilly Paterson-Brown, Chairman of Accsys, commented, 'We have seen significant\ndevelopment in our business during 2006. The focus of the Company's work has\nbeen on our solid wood product, AccoyaTM, which has received a fantastic\nreception from our target customers. Tests have met or exceeded all\nexpectations, confirming that AccoyaTM wood offers performance attributes that\nare equivalent to or better than the best tropical hardwoods and even superior\nto the many artificial material alternatives used today. The combination of\ndurability, stability and reliability with sound environmental credentials -\nAccoyaTM is completely non-toxic and made exclusively from sustainably forested\nwood - is proving very attractive.\n\n\n\n'Alongside AccoyaTM wood we have also been progressing other new and promising\ntechnologies. The majority of funds raised by this new placing will be used to\naccelerate the launch of our engineered wood products business (based on wood\nfibre, e.g. MDF). We believe this has as much potential as our solid wood\nbusiness.\n\n\n\n'We are extremely confident about the future and are very close to start-up of\nthe world's first full-scale commercial acetylation production plant for Accoya\nTM wood. This plant will provide much needed supplies of high performance wood\nboth for our customers across Continental Europe and for our overseas licensees.\n It will also serve as a demonstration of the process for those companies\nwishing to add value to their existing products and create new market outlets.\n\n\n\n'The Board are very pleased at the high level of interest we had from investors\nto the Placing, which was oversubscribed. Accsys continues to attract an\nenviable list of blue-chip investo...