Calluna Plc, the Glenrothes, Scotland manufacturer of 1.8 disk drives, priced the 16.9m shares, all new, in its placing for the Unlisted Securities Market at 65 pence, raising UKP10.1m after expenses and the redemption of preference shares for the company, valuing it at UKP35m. Of the cash, UKP2m will go on capital equipment, UKP250,000 to repay short-term borrowings and the balance for working capital. All the founders, and two non-execs, have committed not to sell any shares for two years except in cases of force majeure. The company has capacity for 150,000 drives a year and can expand to 450,000 a year within its premises; it reckons it can break even at the operating level on sales of 6,000 a month and hopes to reach that level in June next year. Albert E Sharp & Co is sponsor.
