Brandon to list Cellulac on AIM
Gerry Brandon, the serial entrepreneur, plans to raise £10m (€11.7m) by obtaining an AIM listing for Cellulac, an innovative biotechnology company, this summer.
Mr Brandon previously founded Alltracel, a wound-care company, which was also listed on AIM before it was sold for €32m in 2008.
Cellulac plans to obtain an AIM listing by reverse takeover of one of the exchange's many shell companies. It plans to use the funds it raises as working capital in order to raise debt to buy up distressed biodiesel plants in America and Europe.
The Galway-based company's board includes Howard Prince-Wright, a former senior executive with Diageo; company founder Professor Patrick Walsh; and Camillus Glover, former chief operations officer with Alltracel.
Mr Prince-Wright will become chairman of the company on flotation and Cellulac is also likely to add one new non-exec director.
"Over the last four years, Cellulac has developed process technologies for the production of high-value biochemicals," Mr Brandon said.
"These processes have now been optimised and the company has moved into the commercial production phase," he added.
"Our first transaction will coincide with our AIM admission this summer and increases our patent portfolio to 27 and deliver a transformational change from development into full-scale production."