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Hardide boosted by successful IPO
Oxford Capital Partners see investment float within one year
The shares were listed at 10p with a market capitalisation of £12.7m and rose to 12.5p on the first day of trading, an increase of 25%. The placing has raised net proceeds of £1.4m for the company.
Hardide will use the proceeds to fund development of its specialised coatings business, to provide working capital to execute its business plan and to expand its sales and marketing resources. These activities should enhance the Company’s operations and enable it to develop new business in the USA and elsewhere. Jim Murray-Smith, Chief Executive of Hardide plc, said: “We are most encouraged to have seen such a strong demand for shares in Hardide during the placing. Our listing will provide both the additional funds and market presence to enable us to fulfil Hardide’s strategy.” Edward Mott, Chief Investment Officer at Oxford Capital Partners and manager of the Oxford Gateway Fund No.2, said: “The introduction of Hardide to AIM has attracted a wider base of investors. We are pleased to see that the Hardide coating technology is being adopted in several industries.” Seymour Pierce is acting as Nominated Adviser and Seymour Pierce Ellis as Broker to the Company. The stock market EPIC is HDD.L. Company Background: Hardide is the name given to a patented surface engineering technology which combines ultra-hardness, low friction and chemical resistance for use with steel, hard alloys and other materials. When applied to customer supplied components, the Hardide tungsten carbide coating technology typically extends useful life. After a number of years of research, the Company was incorporated in August 2000 to develop further and commercialise the Hardide technology. Since September 2003 Hardide Ltd has operated its 12,500 sq ft commercial coating facility in Bicester, Oxfordshire. For a full press release, please visit www.oxcp.com About Oxford Capital Partners: Oxford Capital Partners (www.oxcp.com) is a science investment banking firm with over 12 years of experience of investing in and supporting technology businesses. Specialising in identifying exceptional companies with high growth potential, Oxford Capital Partners supports companies from an early stage through to IPO. Oxford Capital Partners manages the Oxford Gateway Fund No.1 (1999) and the Oxford Gateway Fund No.2 (2003) which together have made 17 investments in technology and life science sectors. Oxford Capital Partners is an active supporter of the UK’s science and technology base.
For further information, please contact:
Oxford Capital Partners
Tel: 01865 860 760
www.oxcp.com
Publisher Contact Information:
Oxford Capital Partners
01865 860 760
dmott@oxcp.comCompany profile of Oxford Capital Partners
Past press releases of Oxford Capital Partners.
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