The two companies announced the reverse takeover of Enfis by PhotonStar LED and the placing of new shares that will generate £2 million to fund the growth of the combined company. PhotonStar LED’s lighting fixture business has been growing strongly and the investment will be used to provide working capital and to expand its product range.
PhotonStar specialises in residential and commercial lighting and Enfis’ LED technology is used in demanding sectors such as film and television production, medical lighting and ultra- violet curing applications. As Lux went to press, the reverse takeover and investment had to be approved by a meeting of Enfis shareholders. If the deal was approved, the enlarged company was to be readmitted to the Alternative Investment Market on 24 December as PhotonStar LED Group PLC.
The founders of PhotonStar LED will join the board of the enlarged group. Dr James McKenzie becomes the CEO and Dr Majd Zoorob will become the chief technology officer.