Oxford Advanced Surfaces (OAS), which reversed into AIM-listed Kanyon last month, has a market capitalisation of £80 million following the flotation.

Some 44 per cent of the company’s share capital is now held by the existing shareholders of Kanyon, which listed on AIM in October 2006 with a strategy of investing in the energy and resources sectors. Kanyon acquired OAS for a total consideration of £19.4 million, of which just £50,000 was paid in cash with the balance in shares.

In conjunction with the flotation, OAS raised an additional £3 million from AIM-listed investment firm Ora Capital Partners, which now holds a seven per cent stake in the company. Ora’s investment will be used to meet the costs of the reverse takeover and provide working capital for the enlarged group, which includes solar energy business Solar Labs.

OAS was incorporated in June 2006 to develop and commercialise technology spun out from research at Oxford University. It began trading in September of that year but has yet to become profitable.

The company plans to target three key markets: electronics, specialised industrial materials, and life sciences and healthcare. It will also develop further applications of its technology, for example in solar power.