Engineering company planning growth bid
ANORTH East engineering business is preparing to list on an equities exchange in a bid to boost its growth. Time To ACT plc, which is based in Middlesbrough and focused on technology for the energy transition sector, is seeking the admission of its ordinary shares to trading on the Aquis Stock Exchange Growth Market, a London and Paris-based exchange that describes itself as “a creator and facilitator of next-generation financial markets”.
The company is seeking to raise up to £1m of new money to support its growth and help fund potential acquisitions.
The company is also providing existing and potential new investors with the opportunity to participate in a placing and retail offer.
Time to ACT is made up of two principal businesses: Diffusion Alloys, which operates in coating services and coating technology, and GreenSpur, a generator technology business. The company – which says it works in the hydrogen, fuel cell, wind, nuclear and energy storage sectors, as well as other emerging industries – says its revenues are growing at around 50% a year and that it was profitable last year, with £1.9m cash in the bank.
The company has also highlighted its protected patents and other IP, which it says gives it “first-mover advantages”.
Executive chairman Chris Heminway said: “Today marks a pivotal moment for Time To ACT as we embark on the next phase of our journey to address opportunities in the energy transition supply chain. Our decision to float on the AQSE Growth Market underscores our commitment to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world.
“It’s important to highlight that Time To ACT is well funded and does not require additional capital to list. Nonetheless, we believe that by broadening our investor base, including amongst retail investors, through the Placing and WRAP Retail Offer, we are providing the opportunity for new investors to become part of our exciting journey. I look forward to updating investors on our progress.”
The group is being advised by Novum Securities Limited as its corporate adviser and Oberon Capital as its corporate broker.
Time To ACT said the issue price and details of the retail offer would be announced shortly.