LONDON (Alliance News) - Imperial Innovations Group PLC Monday said it intends to raise GBP150 million before expenses in a share placing, funds it said it will use to source investment opportunities and support its portfolio companies.
The technology commercialisation and investment group said it will place 37.5 million new shares at 400 pence each in the placing, as well at 2.56 million existing shares from its shareholder Imperial College London, which is selling down its holding.
It said its second biggest shareholder Imperial College London will sell around 2.6 million shares at the same 400 pence price, reducing its shareholder to 20% of the enlarged share capital of Imperial Innovations from 30.2% of the existing shares.
Imperial Innovations shares were down 5.1% at 439.00 pence Monday morning.
The company said three existing shareholders have agreed to acquire a total of 32.56 million of the placing shares, and have also agreed conditionally to acquire a further 7.5 million placing shares, which will be available to new and other existing shareholders via a clawback mechanism.
"We have identified opportunities to increase the capital deployed in a number of our leading portfolio companies which, in aggregate, are seeking to raise over GBP100 million from investors over the next 12 months," said Chairman Martin Knight in a statement.
Imperial Innovations said it will use the proceeds raised to continue to support it portfolio companies, to source investment opportunities in new technologies, and for general corporate purposes.
The placing is being led by JP Morgan Cazenove and Cenkos Securities PLC.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.