BYOT Byotrol Plc

 

TIDMBYOT 
 
RNS Number : 6801G 
Byotrol PLC 
04 February 2010 
 

 
                                                                 4 February 2010 
 
                                  Byotrol plc 
                              ByoFresh acquisition 
 
The Board of Byotrol plc ('Byotrol' or the 'Company'), the leading 
anti-microbial hygiene company, is pleased to announce the acquisition of the 
business and certain assets of Byofresh Limited (ByoFresh). 
 
ByoFresh is a specialist pet care product business supplying an extensive range 
of pet grooming and hygiene products to professional and domestic customers, 
both through direct sale and through retailers.  In 2006 ByoFresh became an 
early adopter of Byotrol's technology and has since been recognised for the 
quality and effectiveness of its products by industry experts, including being 
awarded 'Glee Pet Index Highly Commended New Product Of The Year 2006' and 'Pets 
At Home Supplier Best New Product 2007.' 
 
Paul Foden, Managing Director of ByoFresh, qualified as a Chartered Accountant 
with Arthur Andersen before joining their management consultancy arm Accenture. 
Since leaving Accenture Mr Foden has spent the last six years building ByoFresh 
into a successful supplier of pet products. 
 
The ByoFresh business is a good strategic fit to Byotrol's stated strategy of 
selling Byotrol based products through specialist distributors into niche 
markets. The global pet care products market is estimated at GBP12 billion 
annually. 
 
Having shown success in the UK markets, ByoFresh will benefit significantly from 
the additional resources and industry contacts available at Byotrol.  Byotrol 
will add a worldwide marketing capability to the ByoFresh product range which 
will accelerate the distribution capability considerably. 
 
The unaudited results for ByoFresh for the year ended 30 June 2009 show turnover 
of GBP0.657m compared to GBP0.369m in the year ended 30 June 2008, with gross 
profit of GBP0.158m and GBP0.140m respectively. Operating loss for 2009 was 
GBP(0.092)m and GBP(0.036)m in 2008, resulting in respective operating margins 
of (13.98)% and (9.78)%. It is anticipated that ByoFresh will make a positive 
contribution in the next financial year. 
 
The consideration for the acquisition will be satisfied, at completion, by the 
issue of 400,000 ordinary shares in Byotrol.  In addition, an anticipated 
GBP31,008 will be paid for certain acquired fixed assets. The modest additional 
cash requirement incurred in the current financial year following the 
acquisition will be covered by the payment received from the recently announced 
US option agreement announced on 21 December 2009.  The Company has entered into 
a service contract with Mr Foden which will permit him, subject to certain 
profit and revenue targets, to earn bonuses of up to a maximum, in aggregate, 
GBP1.75 million, which will only be achieved if ByoFresh achieves a significant 
uplift in performance both against historic measures and the Board's forecasts 
in the three years following completion.  Payment will be made in shares and/or 
cash at the Company's election. 
 
Application will be made to the London Stock Exchange for the new ordinary 
shares to be admitted to trading on AIM. It is expected that Admission will 
become effective and that trading in the new ordinary shares will commence on 
AIM at 8.00 a.m. on 10 February 2010. Following the issue of these shares, the 
Company will have 84,116,411 ordinary shares in issue each share holding one 
voting right. 
 
The new ordinary shares will, when issued and fully paid, rank pari passu in all 
respects with the existing ordinary shares, including the right to receive any 
dividend or other distribution declared, made or paid after the date of their 
unconditional allotment. 
 
David McRobbie, Chief Executive of Byotrol, commented: 
 
"We have been working closely with ByoFresh for a number of years and have 
established the significant potential for ByoFresh in the pet care market. 
 
"The pet care industry's recognition of the superior performance and long 
lasting effectiveness of ByoFresh products is a valuable endorsement.  We at 
Byotrol are keen to ensure that we maximise the opportunity in that market for 
Byotrol based products." 
 
Enquiries: 
 
David McRobbie, Chief Executive 
                  0161 277 9518 
Stephen Falder, Deputy Chairman 
Richard Bell, Finance Director 
Byotrol plc 
 
Russell Cook / Carl Holmes 
                       020 7149 6000 
Charles Stanley Securities 
Nominated Adviser 
 
Tom Cooper / Paul Vann 
                       020 3043 4162 
Winningtons 
                                0797 122 1972 
 
Notes to Editors: 
 
Byotrol Plc (BYOT.L), quoted on AIM, is a leading microbial technology hygiene 
company, operating globally in the Health, Food, Leisure, Consumer, Industrial 
and Agriculture sectors, providing a low toxicity product with a broad-based and 
long lasting efficacy across all microbial classes; bacteria, viruses, fungi, 
moulds, microbacteria and algae. 
 
The Byotrol product can be used as a stand alone product or as a complementary 
biocide additive to existing products to improve their performance in personal 
hygiene, domestic and industrial disinfection, odour control, food production 
and food management. 
 
Founded in 2005, the Company has prioritised the development of a technology 
that creates easier, safer and cleaner lives through partnering with providers 
of essential goods and services.  Byotrol is the catalyst behind the aptly named 
global 'Hygiene Revolution'. 
 
For more information, please go to www.byotrol.co.uk 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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