SigmaRoc completes first acquisition and £50m placing

SigmaRoc, formed as a cash shell with a buy-and-build strategy focused on the construction materials sector, has completed its acquisition of Ronez from concrete colossus LafargeHolcim group, for £45m in cash.

The acquisition, which constituted a reverse takeover of the company due to Ronez being the larger party, was accompanied by a £50m placing.

A 104-to-one share consolidation was also completed on Thursday, bringing the value of its 102.6m ordinary shares up to 40p.

Chief executive Max Vermorken, a former strategic advisor to LafargeHolcim himself, said: "The completion of our first transaction is a major milestone for SigmaRoc. We now have a great cornerstone asset that will provide us with the platform from which to grow our business further, whilst generating cash flow.

"We look forward to integrating Ronez's experienced management team with SigmaRoc's board and we believe that the new independent ownership structure can only further improve on Ronez's impressive operational and financial performance."

The placing was involved the issuing of 100m new ordinary shares at 40p per share and 10m convertible loan notes at £1 apiece.

The share price rose 9.87% to 43.99p at 1001 GMT on Thursday.