Sprue Aegis joins AIM
London Stock Exchange today welcomes Sprue Aegis plc to an opening ceremony, marking the admission of its shares to trading on AIM on 30 April 2014.
Sprue continues to build on its market leading positions in the home safety products market and is market leader in four of its five major market segments. With significant investment in ground-breaking technology and product development and with 52 granted patents, the Company is now one of Europe’s leading home safety products suppliers. Sprue’s philosophy is simple: to make products that save lives.
The Company has raised £8.0 million before expenses through a placing of 4 million new ordinary shares at a placing price of 200p per share. On admission, the Company had 45,245,373 ordinary shares in issue which at the placing price gave the Company a market capitalisation of approximately £90.5 million.
The Company will be using the net proceeds of the Placing to provide additional working capital to support sales growth across Sprue’s markets, particularly in France, where new legislation requires every house in France to fit at least one smoke detector from March 2015, and to fund product development further enhancing the Company’s "technology bookshelf".
Graham Whitworth, Executive Chairman and Group Chief Executive Officer said: "We are immensely proud to join AIM. 2013 was a strongest year for sales, operating profit and EPS and with a record start to 2014 and a record order book, we feel the AIM listing provides us with a platform to further drive the business forwards."
Westhouse Securities is the Company’s Nominated Adviser and Broker.