US

Readybuy plc - Proposed acquisition of Avacta Limited

14 Jul 2006

Readybuy plc Bio-detection and analysis company to join AIM via reverse takeover

  • Proposed Placing of 45,000,000 new ordinary shares of 0.1p each in the Company at 2.25p per share to raise £1,012,500 before expenses
  • Approval of waiver of the obligation to make a mandatory offer under Rule 9 of the City Code on Takeovers and Mergers
  • Admission of the Enlarged Share Capital to trading on AIM
  • Change of name to Avacta Group plc
  • Notice of Extraordinary General Meeting

Readybuy plc, the AIM quoted cash shell, announces the proposed reverse acquisition of Avacta Ltd, a biophysics company which is developing proprietary technologies for the rapid detection and identification of biological and chemical hazards aimed at customers in homeland security and defence. The technologies will also be applied to the biopharmaceutical and clinical diagnostics markets.

  • Spun out from Leeds University
  • Developing laser spectroscopy and bio-nanotechnology for the detection/analysis of bio-molecules and chemicals in threat and non-threat scenarios
  • Collaborations with UK Government and a leading biopharma company
  • Strong growth of existing revenue streams from the provision of analytical services, principally to the biopharmaceutical sector

Professor Alastair Smith, Non Executive Director, Readybuy and Chief Executive, Avacta Ltd, commented: “I am delighted with this new development which breathes new life into Readybuy and presents a substantial opportunity for its shareholders. “Avacta’s strength is its ability to harness the versatility and specificity of biology using cutting edge physics and technology to provide high value solutions to generic problems faced by a number of sectors. “Our focus is on the defence, security and biopharmaceutical markets and we are working closely with the Government and a large biopharma company. “We anticipate strong newsflow over the coming months and look forward to the next phase of our corporate evolution.”

Ends

Readybuy plc
Prof. Alastair Smith, non-executive director 0870 835 4367
WH Ireland Limited
David Youngman 0161 832 2174/
6644
Nexus Financial Ltd 020 7451 7050
Nicholas Nelson
Nicholas.nelson@nexusgroup.co.uk

For more information, view this press release in PDF format. (PDF 172 KB opens in a new window)