LONDON (Alliance News) - Investment company Imperial Innovations Group PLC on Monday said Woodford Investment Management LLP has received approval from UK financial regulator the Financial Conduct Authority to acquire a holding of 20% or more in Imperial and, as such, has been conditionally allotted further shares.
This follows a share placing by Imperial in February, in which Woodford purchased 13.1 million shares at 425 pence per share, but was issued only 10.4 million shares.
After the share issue, Woodford held 31.7 million shares, or a 19.99% stake, in Imperial, with the remaining 2.7 million shares subject to FCA approval, due to the purchase meaning Woodford would hold 20% or more of Imperial.
Shares in Imperial closed flat on Friday at 426.00p.
On Monday, Imperial said Woodford had been granted the approval from the FCA and had been conditionally allotted the shares at the placing price of 425p per share, which represents GBP11.6 million. Following admission of the shares, Woodford will hold 21.3% stake in Imperial, or 34.4 million shares.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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