TAKE A LOOK AT LOMBARD MEDICAL - I'M IN 2 IT

Question
"the last bit in the jigsaw poses the question - how much did boston pay for what percentage ? from an earlier bb i noted that i did not expect them to do it at top dollar - if they came in for 10%, simply multiplying their investment by 10 would give their view of the business. probably does not vary that much.."

Answers from the B pref funding round document dated 10/9/04:-

This
"Boston Scientific has agreed, conditional inter alia on your approval, to invest £3.3 million in exchange for ‘B’ Preference Shares (representing approximately 10.6 per cent. of the issued share capital of the Company immediately following the implementation of the Proposals)."

and this

"The value at which these subsidiaries will be transferred will be derived from the terms of the Subscription and the Offer. The terms of the Subscription and the Offer value the Company at £23.7 million before taking account of the funds raised. On the basis that the Company owns 94.4 per cent. of Lombard, this implies a value for the entire share capital of Lombard of approximately £25.1 million."

So LMT buy assets from LM at pre-money valuation. LMT sell 10.6% onto Boston at post-money valuation.