AIM: FIPP
Frontier IP Group plc
("Frontier IP" or "the Company")
£854,000 placing of new shares
and
Total Voting Rights
Frontier IP, which specialises in the commercialisation of university intellectual property, is pleased to announce that, utilising its existing authorities, it has conducted a placing of 4,066,667 new ordinary shares of 10p each ("Placing Shares") at a price of 21p per share ("Placing Price") to raise £854,000 before expenses ("the Placing"). The net proceeds of the Placing due to the Company will provide working capital, primarily to support the development and growth of the portfolio and allied advisory roles. The Placing was conducted by the Company's nominated adviser and joint broker, Cantor Fitzgerald Europe.
As part of the Placing, the following directors have subscribed for Placing Shares at the Placing Price as follows:
Director |
Placing Shares |
Enlarged holding |
% enlarged issued share capital |
Andrew Richmond (Non-executive Chairman) |
100,000 |
1,000,000 |
3.76 |
Neil Crabb (CEO) |
119,048 |
2,834,168 |
10.65 |
David Cairns (Portfolio Director) |
95,238 |
840,238 |
3.16 |
Mike Bourne (Non-executive Director) |
95,238 |
270,238 |
1.02 |
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM which is expected to be on 13 April 2015 ("Admission"). The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid in respect of the ordinary share capital of the Company following Admission.
Following Admission, there will be 26,601,020 ordinary shares of 10p each in the Company in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in Frontier IP, under the FCA's Disclosure and Transparency Rules.
Neil Crabb, Chief Executive of Frontier IP, said,
"The last twelve months have seen Frontier IP make further strides forwards. We have added to our portfolio, with two companies from Cambridge University, increased our interest in two investee companies, Nandi Proteins and Alusid, and assisted both of those companies to raise institutional funding for their continued development. We have also strengthened our team.
With a focus on where our experience and effort can add value to our portfolio and the ongoing broadening of our relationships with universities, corporates and early stage investors, we feel Frontier IP is entering an exciting period. The funds raised under this placing will assist us in capitalising on these opportunities."
Enquiries
Frontier IP Group Plc |
|
T: 0131 240 1251 |
Neil Crabb, Chief Executive |
|
|
Company website: www.frontierip.co.uk |
|
|
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
|
T: 020 7894 7000 |
Mark Percy / Catherine Leftley, Corporate Finance |
|
|
David Banks/Tessa Sillars, Corporate Broking |
|
|
|
|
|
Peterhouse Corporate Finance Limited (Joint Broker) |
|
T: 020 7469 0935 |
Lucy Williams |
|
|
|
|
|
KTZ Communications |
|
T: 020 3178 6378 |
Katie Tzouliadis |
|
|
Notes to Editor:
Frontier IP Group plc
www.frontierip.co.uk.
Frontier IP specialises in assisting universities, research institutions and companies in the commercialisation and exploitation of their Intellectual Property.
