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Molten Ventures PLC - London-based venture capital firm, which invests in developing high-growth digital businesses - Announces commencement of new up to £10.0 million share buyback programme, to be financed through existing cash resources. Also says that Hologic Inc’s acquisition of Cambridge-based, breast cancer-focused medical technology company Endomag has now closed, due to completion of the regulatory review. Company first invested in Endomag in 2018, and says transaction proceeds of around $46 million are ‘modestly in excess’ of Molten’s £35 million holding value. Finally, Molten has agreed a new £180 million net asset value facility, effective from September 7, with JP Morgan Chase Bank NA and HSBC Innovation Banking Ltd. The debt facility comprises a £120 million term loan and a revolving credit facility of up to £60 million, both with a three-year tenor. It replaces the existing £150 million facility with the same lenders. Chief Executive Officer Martin Davis says: ‘Today’s confirmation of our exit from Endomag takes us to over £70m of the £100m in realisations we anticipate for the current financial year, which underpins our stated capital allocation strategy, and in particular the buyback which we are commencing today. We are delivering what we said we will deliver, and our new debt facility shows that we are doing so on the basis of prudent capital management.’ Current stock price: 370.00 pence, up 6.0% on Friday in London 12-month change: up 31% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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