Business

Another two board directors have left packaging technology firm Stanelco but it has raised enough funds to move into the next stage of commercialising its products.

Group managing director Howard White and executive vice-president Ian Balchin (pictured) left the company in November.

The announcement came after Stanelco successfully raised £15.8m, before costs, through a rights issue, selling almost two billion shares priced at 0.8p each.

It had previously said it could run out of money by the end of November if it did not raise new funds.

These latest departures mean three senior directors have left Stanelco in a matter of months. In July, chief operating officer Terry Robins left the company along with another nine employees.

Stanelco has invested heavily in developing Greenseal, its radio frequency heat-sealing technology, which it claims is finally ready for market after several delays.

In September, Asda said it was relaxing the terms of its exclusivity deal with Stanelco on Greenseal.

Stanelco’s share price has dropped from almost 16p in early 2006 to 1.19p.

No one from Stanelco was available to comment on the news as Packaging News went to press.


Troubling times
July
- Stanelco reports a pre-tax loss of £2.3m for the six months to 30 April, more than double its loss for the same period during the previous year

- Terry Robins stands down after 18 months as chief operating officer

August
- Asda relaxes its exclusivity deal on the use of Greenseal

October
- Stanelco issues trading statement forecasting further losses in the second half of the year

November
- Stanelco raises £15.8m through a share issue. Two more directors leave the firm