LONDON (Alliance News) - Early-stage life sciences and technology investor Allied Minds PLC said Thursday that it intends to raise approximately USD65 million in an equity placing in order to invest in its subsidiaries.
FTSE 250-listed Allied Minds said that it will issue approximately 14 million new shares, implying a price of around USD4.65, or 369 pence per share, although the company noted the price will be decided at the end of the placing.
Shares in Allied Minds closed down 1.4% at 370.00p Thursday.
The placing will be equivalent to approximately 6.5% of the company's existing shares. Allied Minds said around USD40 million of the proceeds will be used to invest alongside third-party investors in later-stage subsidiaries, with USD15 million for early-stage investments and around USD10 million in new technologies.
The placing has received support from the company's largest shareholders Woodford Investment Management LLP and Invesco Asset Management Ltd, said Allied Minds, adding that Woodford wishes to place a significant order in the placing.
Allied Minds also noted that GIC Private Ltd has indicated it wishes to "meaningfully increase" its holding in the company through the placing.
Allied Minds noted that after the placing it will not issue further shares for a period of at least 180 days, subject to customary exceptions.
Credit Suisse Securities Ltd and Numis Securities Ltd will be acting as joint bookrunners for the placing.
By Adam Clark; adamclark@alliancenews.com
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