Just bought a few of these this morning. David Evans has a good track record.


HIO floated on AIM at 10p in April, raising £4million in the process. Chairman Evans said he would use the cash to acquire companies in the life sciences space.

Broker and shareholder Killik suggests that any acquired business is likely to be in the field of in-vitro diagnostics, given Evans’ background and contacts within the industry.


At the time of HIO’s flotation Evans was granted options over 4.05million shares (10 per cent of the equity), which will only vest in the event that an acquisition is completed within 12 months from admission, and if the share price is in excess of 20p per share.


Once vested, the exercise period of the options will be 10 years and the exercise price will be 10p per share. Evans has a big City fan club and it is easy to see why. The companies under his stewardship have a strong record of value generation for shareholders.


He was chief executive of Shield Diagnostics prior to the merger with Axis Biochemicals to form Axis Shield in 1999. He was also chairman of Immunodiagnostic Systems, which floated in December 2004 at 51p and was trading at 1046p at the time he left the company in September 2011.

This company has now changed its name to Collagen Solutions.