26/05/2005 Punch Graphix Group opens London Market
Punch Graphix Group opens London market
26 May 2005
Punch Graphix, a Belgian company, provides digital and pre-press printing systems together with associated consumables and services. The group has been built through the acquisition and development of existing businesses; Xeikon, Strobbe and basysPrint and the establishment of a number of international sales offices.
Punch Graphix ordinary shares have been admitted to trading on AIM following a placing at a price of 98p per share. The resultant market capitalisation of £100.8 million makes the IPO one of the largest on AIM in 2005 to date.
The placing raised, in aggregate, approximately £49.6 million (gross) of which Punch Graphix raised approximately £19.3 million (net) and Punch International, the company’s former parent, raised approximately £29.0 million. Punch International has retained approximately 49 per cent of the 102,829,220 ordinary shares in issue. Punch Graphix will principally use the net proceeds of the placing for investment in the expansion of its sales and marketing initiatives, research and development, and for possible in-fill acquisitions.
Dick Tilanus, Chief Executive Officer of Punch Graphix, said:
“We are delighted with the successful fundraising and admission to trading on AIM. Our businesses have strong positions in high growth segments of the global printing equipment industry, and the funds raised will allow us to accelerate the rate at which we take advantage of the opportunities that exist.
“The new ownership structure is also an important step in creating greater strategic focus and the necessary financial flexibility to allow Punch Graphix to fulfil its potential.”
Altium is acting as nominated adviser and broker to Punch Graphix.