Itaconix (ITX)

Sector:

Industrial Chemicals

Index:

FTSE AIM All-Share

 145.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 263.00
  • 52 Week Low: 114.00
  • Currency: UK Pounds
  • Shares Issued: 13.49m
  • Volume: 6,663
  • Market Cap: £19.55m

Itaconix offloads stake in Danish nicotine gum firm

By Josh White

Date: Wednesday 29 May 2019

LONDON (ShareCast) - (Sharecast News) - Sustainable specialty polymers company Itaconix announced the sale of its holdings in privately-held Danish nicotine gum company Alkalon on Wednesday.
The AIM-traded firm said its holdings in Alkalon were purchased for cash by Helmich Invest, Nolta, Solco, and Commerce Pharma Holding, who were existing shareholders in Alkalon.

It said the total cash consideration was DKK 2m (£0.24m), with the proceeds consisting of around £0.19m for the minority equity interest in Alkalon and £0.05m for the full principal and accrued interest of a shareholder loan.

Following impairments for fair value in 2016 and 2017, the book values for Alkalon in Itaconix's unaudited management accounts as at 31 December were £0.05m for the minority equity interest in Alkalon and £0.03m for the shareholder loan and its accrued interest.

Itaconix held 22.49% of Alkalon's ordinary shares, and recognised a profit of around £5,000 for its share of Alkalon's profits in its unaudited management accounts for the year ended 31 December, and a loss of £0.21m for the year ended 31 December 2017.

As it announced in 2016, Itaconix had divested its nicotine gum business in return for an initial 15% equity holding in Alkalon.

Subsequent shares from commercial milestones and minority participation in equity and debt funding increased the firm's stake to its holdings at the time of the sale.

Proceeds from the sale would be added to the company's cash reserves, and used for future working capital needs.

"The sale of these last assets from Revolymer's legacy nicotine gum business marks the final step in transforming Itaconix into a technology innovator focused on emerging demands for sustainable specialty polymers," said Itaconix chief executive officer John R Shaw.

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Itaconix Market Data

Currency UK Pounds
Share Price 145.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 263.00
52 Week Low 114.00
Volume 6,663
Shares Issued 13.49m
Market Cap £19.55m

Itaconix Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
18.21% below the market average18.21% below the market average18.21% below the market average18.21% below the market average18.21% below the market average
Sector averageSector averageSector averageSector averageSector average
Price Trend
29.58% below the market average29.58% below the market average29.58% below the market average29.58% below the market average29.58% below the market average
17.65% above the sector average17.65% above the sector average17.65% above the sector average17.65% above the sector average17.65% above the sector average
Income Not Available
Growth
50.56% above the market average50.56% above the market average50.56% above the market average50.56% above the market average50.56% above the market average
64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average

Itaconix Dividends

No dividends found

Trades for 18-Jul-2024

Time Volume / Share Price
08:55 1,500 @ 145.00p
08:55 1,500 @ 145.00p
08:26 2,997 @ 145.00p
08:00 666 @ 149.00p

Itaconix Key Personnel

CEO John Shaw
CFO Laura Denner

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