Galileo Innovation to AIM
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We were pleased to welcome Galileo Innovation onto our AIMTM market last week. Galileo is a business accelerator fund that backs and funds British inventions deemed to have potential.
Galileo's first investment is a 57.5% stake in Fluid Conditioning Systems (FCS) which holds a worldwide licence to use and exploit technology rights relating to a new magnetic oil filter, the "Magnom", perceived by Galileo to have advantages over conventional filters in delivering cost and environmental savings.
Galileo will seek to take majority equity stakes in the companies in which it invests, usually new companies set up specifically to exploit intellectual property rights. While expecting to operate primarily in the engineering sector, it will evaluate opportunities and products in other sectors.
The money raised on AIM will go toward making investments and toward financing the organisational infrastructure of the company.
Placing Statistics
Placing price - 16p
Estimated net proceeds - 5.2m
Market cap at placing price - 14m
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