Polaron Set To Float - News Item

Reuters are reporting that nanotechnology firm Polaron plans to list on the Alternative Investment Market at the end of the month with a market value of 20 to 25 million pounds.

The maker of a three-dimensional microscope used to probe materials so small their dimensions are measured in atoms, said on Monday it aimed to raise six to 10 million pounds from the initial public offering on AIM.

Founder Dr Isidore Stelzer would cut his holding in the firm to under 10 percent from a previous 59 percent, exiting the business with between three and six million pounds of the cash raised, a spokesman said.

The remainder would be used for further research and development and to grow the business through acquisitions. The firm reported a pre-tax profit of 0.6 million pounds on earnings of 11.9 million pounds in the year to June 30, 2003.

Posted 8th March 2004

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