Incanthera shares jump 21% after it acquires Swiss skincare brand and appoints new chief executive – UPDATE Proactive uses images sourced from Shutterstock
Shares in Incanthera PLC (AQSE:INC) jumped 21% to 1.7p after announcing plans to acquire Swiss premium skincare brand Énielle in an all-share deal and appointed Stuart Robertson as chief executive, replacing Simon Ward, who moves to a scientific role.
The acquisition, funded entirely through the issue of up to 54 million new ordinary shares at 2p each, gives Incanthera a second skincare platform to sit alongside its existing Skin+CELL range.
Énielle, which is based on lectin-derived (bioactive protein) formulations and backed by multiple clinical studies, has manufactured more than 15,000 serum units in Switzerland over the past five years, with around 6,000 finished units available for immediate sale.
The company said the two brands are designed to operate as a combined “protect by day, repair by night” routine, with Énielle positioned as a daytime product and Skin+CELL as an evening-use cosmeceutical focused on cellular repair and UV damage protection.
Of the 54 million shares issuable under the deal, 13.79 million shares will be admitted to trading on the Aquis Stock Exchange Growth Market on or around 10 June, with the remaining 40.21 million deferred shares subject to sales performance criteria over the following six months.
No cash is changing hands beyond transaction costs.
The seller, GIFFRIES Technology AG, will initially hold 9.09% of Incanthera’s enlarged share capital following admission, giving the company a total of 151.73 million shares in issue.
Robertson, the majority shareholder of GIFFRIES, is also providing a £250,000 convertible loan facility to fund integration costs, with £100,000 drawn down immediately.
The notes carry interest at the Bank of England base rate, convert at 2p per share at Robertson’s election, and are subject to a 29.9% ownership cap.
Incanthera said the acquisition had benefited from approximately £3 million of prior investment in brand development and clinical research by the previous owners.
Robertson, who takes on commercial leadership, pricing strategy and profit and loss accountability, will replace Ward as chief executive with immediate effect.
Ward remains on the board as chief scientific officer, taking responsibility for clinical programmes, regulatory positioning and product development.
Executive chairman Tim McCarthy has stepped down from the board to concentrate on other interests after 12 years with the company, including leading Incanthera’s IPO onto Aquis.
The company said it is seeking to appoint a non-executive chair and will update the market in due course.