LONDON: Light Science Technologies Holdings plc (AIM: LST), a technology and manufacturing company focused on global food security and fire safety, has entered conditional agreements to acquire RLUK Injection Ltd and the remaining minority stake in UK Circuits and Electronics Solutions Ltd for a total maximum cash consideration of up to £5.37 million.
The Derbyshire-based company also will acquire the property associated with UK Circuits. The acquisitions will be funded through a share placing and retail offer expected to raise up to £6.6 million before expenses, with shares priced at 1 pence each.
Light Science will pay up to £4.8 million for RLUK Injection, which owns cavity fire barrier remediation system Injectaclad. The consideration includes an initial payment of £3.0 million, deferred consideration of £1.0 million and up to £0.8 million in contingent payments tied to revenue targets.
The company’s passive fire protection division is already an installer of Injectaclad. The acquisition will secure the intellectual property and supply chain for the product, enabling Light Science to capture more of the value chain.
For the 10-month period ended Oct. 31, 2025, Injectaclad generated unaudited revenues of £1.17 million and profit before tax of £0.26 million.
The company also will acquire the remaining 10% minority interest in UK Circuits for £0.27 million cash and the property for £0.3 million plus VAT. The consolidation eliminates annual rental costs and gives Light Science full control over the contract electronics manufacturing division.
Shore Capital Stockbrokers Ltd is acting as sole bookrunner for the placing, which will be conducted through an accelerated bookbuild at the 1-pence issue price.
The fundraising consists of a firm placing using existing share authorities to raise approximately £0.7 million, and a conditional placing subject to shareholder approval to raise approximately £5.3 million. A separate retail offer seeks to raise up to an additional £0.6 million from existing retail shareholders.
The conditional placing and retail offer require shareholder approval at a general meeting scheduled for April 9 at the company’s Ednaston headquarters.
Chief Executive Simon Deacon said the acquisitions will strengthen the company’s ability to increase margins and generate profits.
“We are extremely excited by the growth opportunity across all of our divisions and believe that these acquisitions will strengthen our ability to increase the Group’s margin profile and to generate profits and cash,” Deacon said. “We are well positioned to scale rapidly across all parts of the Group and post completion will have the balance sheet strength to win and service larger contracts and generate increasing levels of recurring revenues.”
The company said consolidating ownership of UK Circuits underpins its strategy to target higher-margin defense and medical revenues. The property acquisition also establishes a northern base for the passive fire protection division, enabling geographic expansion in the North-West corridor and providing space for a distribution base and training center.
Deacon said the company is targeting mid-term Group revenues of approximately £50 million through organic and inorganic growth.