IP specialist Tekcapital PLC (LON:TEK) will no longer own a majority stake in Belluscura following a private placement that will raise up to US$1.7mln for the med-tech business.
Belluscura will use the cash for its own commercial plans that may include a separate listing later this year.
Tekcapital added it has not been involved in the day-to-day management of Belluscura for some time.
Its interest will drop to 48% from 61% as a result of the new shares to be issued. Going forward, it will no longer consolidate the business in its accounts.
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The placing, at 51p, values Belluscura at US$7.6mln and alongside a recent deal for Nanotether Discovery will give it gross cash holdings of approximately US$2mlm.
Nigel Wray, who currently has more than 10% of both companies, will subscribe US$500,000 in Belluscura’s placing.
Clifford Gross, Tekcapital’s executive chairman, said: "We are very pleased to announce this Private Placement. Belluscura's mission is to provide premium, proprietary medical devices at affordable prices."
Belluscura’s model is to acquire medical devices deemed non-core by the owners.
Its portfolio comprises four medical products currently: Slyde: a lightweight stretcher designed for use in emergency evacuations of multi-storey structures; Passport: a surgical trocar designed as a camera port for use in laparoscopy (keyhole surgery); SNAP II: a level of consciousness monitor for use during surgical procedures requiring general anaesthesia and Wire Caddy: a system that provides lubrication and organization during multi-wire, multi-exchange operating room cases.
Tekcapital shares were little changed at 36.5p.
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