AIM chief operating officer Theresa Wallis said: "The three new companies we're welcoming to AIM today typify the variety and flexibility of the market. We have an internet company, a biotech company and a publisher, ranging in size from £2.7 million in the case of Hansard to £66 million for ReNeuron. AIM continues to offer promising smaller companies the opportunity to raise funds for growth and to take the important step in their development of joining a public market for the first time."
Bradford-based Advance Visual Communications, an internet professional services (IPS) company, provides internet solutions as well as multimedia and digital video services for large corporate clients. Raising £4.4 million net of expenses, the company intends to expand in Europe by acquiring suitable businesses, with the long-term aim of leading pan-European consolidation in the industry.
Bio-pharmaceuticals company ReNeuron is pioneering treatments for neurological disorders using brain stem cells for transplantation. In addition, ReNeuron uses this core technology to identify new drugs and has exclusive rights to develop and market new pain-killing compounds. The £17.8 million proceeds of the flotation will be used to fund clinical trials programmes for key products into the second half of 2001.
The third AIM debutante, Hansard Group plc, is an investor relations and financial PR firm specialising in servicing both listed and unlisted companies from the UK and overseas. Hansard's target market is companies with a market capitalisation below £250 million. The proceeds of the placing will provide working capital for expansion and marketing, including the development of e-communicator, a system to facilitate electronic investor communication.
Looking ahead, Theresa Wallis said: "AIM has passed the milestone total of 500 companies in just over five years, exceeding our expectations when we launched the market. We are now examining ways of exporting the brand, making AIM more attractive to international issuers and investors. AIM has matured into an important element of the UK business world, and a formula we can extend to Europe and beyond."
Launched with ten companies in June 1995, AIM has seen rapid growth and now has 501 members. In total, more than 660 companies have been admitted to AIM since its launch, 77 of which have transferred to the main market - including 27 that are now on techMARK. Of the companies currently quoted on AIM, 29 are overseas-based.
