Collagen Solutions Plc Proposes Acquisition of NZ based providers of medical grade collagen
Collagen Solutions plc (AIM: COS), the developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, announces that a circular, comprising an Admission Document and including a notice of General Meeting, has today been posted to shareholders.
The circular outlines details on:
- The proposed Acquisition of New Zealand based Southern Lights Ventures 2002 Limited (trading as Southern Lights Biomaterials) for a total maximum consideration of NZ$12m (c. £6m) in cash and shares
- a logical strategic extension and complementary acquisition that provides additional security of supply of high grade collagen
- Conditional Placing to raise £6m at 7p, representing c. 50.13% of the Enlarged Issued Share Capital at Admission
- Directors are subscribing for a total of 9,285,714 Placing Shares
- Appointment of Geoffrey Bennett, co-founder of Southern Lights, as Chief Business Officer
- Notice of General Meeting to be held at 3 Robroyston Oval, Nova Technology Park, Glasgow G33 1AP on 9am on 9 December 2014.