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Case Study
Memory Corporation

  • Memory Corporation was one of ASL's first technology clients.
  • With a scientific concept that could revolutionise the chip industry, the two-man Memory Corporation team was introduced to ASL. Immediately understanding the rarefied nature of the science under development, ASL was able to translate the potential Memory Corporation promised into the language of investors.
  • In the course of 10 months, during which ASL advised on raising funds for the further development of its technology, Memory Corporation secured over £4m through an initial investment and then the subsequent placing and listing on Rule 4.2 of the London Stock Exchange.
  • Memory Corporation believed that it could develop technology which would have a significant impact on the chip industry. Having filed a number of patent applications relating to this technology, the company had in its grasp the key to using chips which previously were discarded.
  • Memory Corporation had designed a high margin SIMM (Single-In-Line Memory Module) product, used to install memory into PCs. What was unique about its SIMM product was that it was designed to use DRAMs, which had a small proportion of non-functioning cells (Partial DRAMS) but which maintained the same functionality of conventional SIMM products. Partial DRAMs were also in the region of 25% of the cost of the standard DRAM.
  • In 1993, Memory Corporation was recommended to Adam Smith Limited. Together, they produced a business plan which put the technology into layman's terms without losing sight of its groundbreaking nature nor its huge potential.
  • It soon became clear that the main interest came from the US and so ASL took the team to the US where they engaged a number of leading US venture capitalists.
  • This proved to be the right tactic as Memory Corporation's technology know-how inspired the market. Ultimately, the young Memory Corporation raised £1m to allow them to continue the development of its technology.
  • The key result of that was that little more than eight months later, ASL advised Memory Corporation in its move on to the London Stock Exchange (under Rule 4.2). Releasing 13.5% of the company, MemCorp raised net proceeds of £3.15 million with a capitalisation of £26.64 million in a share issue that was vastly over-subscribed.
  • In July 2001, Memory Corporation (then Torridon plc) went into liquidation, however there were a number of companies that emerged from the closure of the company.
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