Bioprogress the Next Ten Bagger?

Ticotonic

>>It's been fairly blandly stated that the take-up of shares is about 90% of those eligible etc.>>

The directors owned nearly 6% of the equity (pre new money) and the holdings of ex CEO & Chairman Barry Muncaster and the Jade Partnership (aka Muncaster family interests) take this to nearly 21%.

Most of the investors in the first two rounds of financing were American, and they - along with investors in Canada, Republic of Ireland, South Africa and Australia - were not allowed to apply for new shares.

I haven't got current figures for institutional holdings but institutions held around a third of the Company immediately after the AIM listing. It has been observed - correctly I think - that many institutions are reluctant to hold more than a certain percentage of their funds in a given company and this could be why most of the institutions have trimmed holdings, and (I guess), might not have considered taking up the offer.

Taking these together it's reasonable to guess that around 40% of holders were, or ruled themselves to be, ineligible. A 90% take up by the remainder would equate to 54% overall.

Ted