Geotechnical contractor Van Elle is looking to boost growth by floating on the Alternative Investment Market (AIM) today, Wednesday, 26 October.

The company listed its entire issued ordinary share capital of 80,000,000 ordinary shares of 2p each, raising some £40 million by placing 30 million existing ordinary shares and 10 million new ordinary shares with investors at a placing price of 100 pence per share.

In a statement, the Directors said admission to AIM will "position Van Elle for its next stage of development, including further raising the profile of the Company, incentivising employees and providing it with a well-funded platform for future growth".

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Michael Ellis, Chairman of Van Elle, added there is a "significant opportunity" by trading on AIM.

"We are absolutely delighted to have successfully brought Van Elle to the AIM market," he said.

"We have worked tirelessly over the last thirty two years to build the company in to the established market leader that it is today."

Jon Fenton, Chief Executive, said: "We have a clear three-pronged strategy for growth centred on growing market share, developing new products, services and geographies and targeting bolt-on acquisitions.  As a quoted company we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey."

(LM/MH)