Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rex Bionics raises 10M pounds in back-door listing in London

Rex Bionics raises 10 million pounds in back-door listing on London’s AIM exchange

By Paul McBeth

May 6 (BusinessDesk) - Rex Bionics has raised 10 million pounds as part of a reverse-listing on London’s growth-orientated AIM exchange to fund the roll-out of its robotic exoskeletons for wheelchair users.

The placement is part of a deal that sees North Shore-based Rex Bionics acquired by Union MedTech once it joins the AIM exchange and take on the New Zealand firm’s name. Union MedTech sold 5.56 million shares at 1.80 pounds each in a placement last week, which will leave a net 8.8 million pounds for Rex Bionics once the transaction is completed.

“We are now well-funded to scale up our production and marketing capabilities to meet the growing demand of wheelchair users worldwide to gain access to the life-changing and unparalleled Rex technology,” Union chief executive Jeremy Curnock Cook said in a statement. “We are delighted to welcome our new investors and would like to thank them, and existing shareholders, for their support.”

In October, Union agreed to takeover over Rex Bionics in an all-scrip deal valuing the exoskeleton at 9.5 million pounds, and last week’s placement and listing on the AIM exchange will leave the firm 49.8 percent owned by the New Zealand company’s investors. Trading in the new entity on the London Stock Exchange’s AIM market will begin on May 8.

Of the funds raised in the placement, 1.9 million pounds has been earmarked for ramping up sales and marketing of the exoskeletons, 1.7 million pounds for scaling up manufacturing, 1.6 million pounds for research and development, 1.4 million pound for general and administrative uses, and 2.2 million pounds for working capital.

The new company’s near-term goal will be to grow sales of its rehab product targeting rehabilitation centres in Europe and the US, and is planning the release of a slimmed down and cheaper device in the coming three years.

Rex Bionics reported sales of $976,000 in the six months ended Sept. 30 compared to $15,000, according to its admission document to list on the AIM exchange. It narrowed its net loss in the period to $722,000 from $2.1 million a year earlier. The New Zealand firm made a loss of $2.5 million on sales of $394,000 in the year ended March 31, 2013.

Since the 2011 financial year, Rex Bionics raised $4.1 million through share issues and $2.4 million in short-term borrowings.

It has also received some $2.9 million in government funding for research and development, a condition of which requires Rex Bionics’ production to stay in New Zealand until 2017.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news