Magnum Power Plc, the Glasgow-based electronics company has announced a placing of 2.04m new shares at 118p per share, raising รบ2.4m. The company’s shares rose tuppence to 126 pence at the news and was up again on Friday at 140 pence. Magnum is currently in advanced negotiations with several major OEM customers with a keen interest in its Built-In Uninterruptible Power Supply technology. It will use the money to fund expansion of its sales and engineering resources to respond to the surge in demand for the BI-UPS technology. Magnum appears to have stolen a march on the world with BI-UPS, which protects computers from the impact of power cuts, and the company said that it is being seriously considered by more than 30 OEM customers. Particular interest has been shown in electronic point of sale applications, and the company is talking to an OEM customer with a view to supplying a US retailer. Development of the product continues, and Magnum has recently created new topologies for the BI-UPS technology. The company hopes to exploit the personal computer market with this latest development and it is negotiating with several major customers to this end. It has filed further patent applications to protect its position, and said it is on target to break even at the end of this year.
