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Woodford chews 30% stake off gum firm IPO
Markets
by Emma Dunkley on Jul 16, 2012 at 14:30
Citywire A-rated Neil Woodford has bought into removable chewing gum firm Revolymer, buying around 30% of the shares issued after the firm listed on 10 July.
Revolymer, which is a British polymer company developing degradable gum and products for consumer goods markets, issued over 53,000,000 of ordinary shares after admission on the AIM market of the London Stock Exchange.
According to the shareholder report, Invesco Asset Management snapped up 16,049,000 ordinary shares, amounting to 30.27% of the issued share capital.
Subsidiaries of IP Group, in which Woodford is an investor, also bought into Revolymer, with IP2IPO buying 10.59% of issued share capital and IP Venture Fund buying 5.23%.
In an announcement posted on its website on 4 July, IP Group said: ‘The admission of Revolymer to AIM will result in an unrealised fair value gain to IP Group of £0.2 million at the placing price.’
The group added: ‘IP Group and IP Venture Fund have committed £2.5 million and £0.35 million respectively to the placing.’
According to shareholder reports, Woodford’s Invesco Perpetual Income fund has 8.82% of IP Group, amounting to over 32,000,000 shares.
Revolymer has recently appointed Julian Heslop, the former chief financial officer of GlaxoSmithKline (GSK), as non-executive director. GSK also has Nicorette as one of its brands.
Jack Keenan, chairman of the firm, was formerly chief executive officer of Kraft Foods International and the business that is now Diageo.
One source told Wealth Manager: ‘The board [of Revolymer] already has a heavyweight feel to that more akin to a FTSE company than an AIM company.’
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