Micap plc floats on AIM!

Micap plc, the technology licensing company that micro encapsulates active ingredients in yeast for the flavouring, agrochemical and pharmaceutical industries, today floats on Aim.

The company has raised approximately £5.3 million (before expenses), through a successful placing with institutions and private individuals at 55p a share. Dealings in the shares commenced today (7/8/03). The placing values the company at approximately £15.9 million.

Key features of Micap’s technology include the selective release and targeted delivery of yeast encapsulated actives. The encapsulated actives can be protected from high temperatures, pressures and UV light, and can be processed in aqueous systems without the capsule dissolving and prematurely releasing its contents. Encapsulated actives are also stable for longer periods of time during storage and processing. As yeast is a naturally occurring food grade material there is potential for lower regulatory requirements prior to licensing of products.

Micap’s Nominated Adviser and Broker is Brewin Dolphin Securities Limited (Bell Lawrie White)

Michael Brennand, Chief Executive of Micap plc, said: “We are delighted to be taking this important step in the development of the company. Micap has achieved a solid platform for growth, and with the funds secured from the Placing the Company can continue to develop existing relationships, and take advantage of new opportunities within our target markets as they arise.”