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Tekcapital says investee company Belluscura decides not to proceed with planned AIM float

Published: 10:38 01 Dec 2017 GMT

Intellectual property sign
Last month, Tekcapital had noted that Belluscura was seeking to raise £7.5mln to £10mln in a placing on London’s junior market

Tekcapital PLC (LON:TEK) revealed today that its investee company Belluscura Limited has decided not to proceed with its planned AIM float, with the medical device company actively considering other alternatives.

In a brief statement, the UK intellectual property investment group – focused on creating marketplace value from university technology – said Belluscura’s decision not to proceed with the IPO is due to “current market conditions and certain other Enterprise Investment Scheme/Venture Capital Trust requirements having not been met in the expected timeframe”.

READ: Tekcapital says value of stake in Belluscura may rise after IPO

It added that Belluscura is also unable to proceed with the acquisition of licenses to manufacture and sell the STIC - a hand-held pressure monitor for the measurement of compartment pressure - from Stryker Corporation.

Last month, Tekcapital had noted that Belluscura was seeking to raise £7.5mln to £10mln in a placing on London’s junior market and expected to begin trading in December.

Tekcapital owns 47.5% of Belluscura.The holding had a carrying value in its unaudited balance sheet of US$3.6mln as at 31 May 2017.

In mid-morning trading, Tekcapital shares on AIM were down 10%, or 3p at 27p.

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