The British Technology Group, which patents and licenses many of the
technologies that originate in British universities, plans to raise 拢20
million by selling shares on the London Stock Exchange. Controversy surrounded
the privatisation of the BTG two years ago. Now it wants to expand into
areas such as pharmaceuticals, agriculture and telecommunications. It also
wants to expand its business abroad.
Ian Harvey, the BTG鈥檚 chief executive, rejects suggestions that the
share issue could leave the company open to hostile takeovers by new shareholders
intent on selling off the most valuable parts of the business and breaking
up the group. This was researchers鈥� biggest fear when the BTG was privatised.
Harvey also believes that the BTG can resist demands for over-generous dividends,
and can keep the share price stable even in lean years. 鈥榃e鈥檝e had no indication
of concerns,鈥� says Harvey. 鈥楾he reaction from our existing university shareholders
has been very positive.鈥�
The merchant bank Kleinwort Benson will handle the share issue, which
will take place 鈥榳hen market conditions improve鈥�, says Harvey.
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